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Our next passive income idea is another twist on crowdfunding called Patreon. The website is promoted as a crowdfunding website for creative people like artists and writers but its for anyone with a side-hustle notion.
Patreon is really how the arts used to work hundreds of years ago. Back during the renaissance, artists used to ask the rich for their patrons to support their work through regular contributions.
So now the website Patreon gives you the opportunity to get patrons to your own works. You construct a community of individuals interested in your work, another usage of a blog that does double-duty with this passive income plan, and then request them to make contributions each time you create something. .
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Now patrons dont come away empty-handed, you offer benefits and copies of the job. So for a writer, you could offer copies of your own books. You can promise to thank patrons on your site or to market something of theirs in the future.
Even if every patron only contributes a very small amount every month, it can still be a massive source of income. Have a peek at the Patreon page for Kinda Funny, an internet movie company. They have over 6,209 patrons that means an average of just $3 a month are a monthly income of almost $19,000 and they get cheerleaders that are always happy to spread the word on their brand. .
Our last passive income source is creating your own brand and selling through Amazon FBA. This is one of the most exciting income thoughts Ive seen in years. Amazon FBA makes it easy to start your own retail company, to sell your own products.
It used to be that you needed hundreds of thousands of bucks for manufacturing, marketing, logistics, everything that went into selling solutions. Together with Amazon FBA, you contract with a manufacturer to send everything straight to Amazon warehouses across the country.
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The manufacturer is going to put everything together, pack it and even set your tag on it. Then you simply run your advertising and sell everything from your page on the worlds biggest internet shopping site.
Amazon FBA provides you the opportunity to compete with all the biggest names in retailstores. Always wanted to start a toy company, move over Hasbro. Want a line of blue jeans with your name stitched across the pocket, so you can now begin for only a couple of thousand in inventory.
Ive got a couple of interviews on the site from folks that have started stores through Amazon go to my blog FBA. Some of them are making high-income incomes in less than a year so $5,000 per month is easily attainable in less than that.
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Making legitimate passive income isnt as difficult as you may think. A number of the very best passive income thoughts might take a little time to set up but can begin cash flowing within a few months and will provide a consistent monthly income for many years or longer. The most important point is simply to get started.
In part three of this series we will discuss the differences between remaining income and passive income. These two terms are often used interchangeably, but in fact they are not the same thing. There are a number of similarities, but there are also some big differences between residual income and passive income income.Before I move onto part of the Residual Income Series. .
First, lets have a peek at what passive income is. Passive income basically includes any money that you make without doing any job. Often times this money comes in investments of time Discover More or money which you've already made. With passive income that the person does not have to be directly involved with the money that they are making.
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Residual income includes payments you will get after a purchase. Normally these payments are find more info agreed upon in advance and will continue long after the sale. A good instance of this is royalties that someone gets to get a movie or book. They only write the movie or book once, but it can continue to be sold and resold again and again, which allows you to continue to create money from your job.
Residual income can eventually turn into passive income over time, as you can eventually earn money without doing an excess work. .
Now that you know the differences between passive and residual income, it is time to learn about some of the most common methods people use to earn residual income:
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-Selling goods online: This is one of the most common ways to earn residual income. It usually involves a fee which needs to be renewed each month per week, which will make it possible for you to continue to make money after the initial sale.