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Our next passive income notion is another twist on crowdfunding known as Patreon. The website is promoted as a crowdfunding website for creative people like artists and writers but its for anyone with a side-hustle idea.
Patreon is actually how the arts used to operate hundreds of years ago. Back during the renaissance, artists utilized to ask the rich for their patrons to support their work through regular contributions.
So now the site Patreon gives you the opportunity to acquire patrons for your own works. You build a community of individuals interested in your job, another usage of a site that will double-duty with this passive income strategy, and then ask them to make contributions each time you produce something. .
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Now patrons dont come away empty-handed, you offer rewards and copies of the job. So for a writer, you might offer copies of your own books. You could promise to thank patrons on your site or to market something of theirs in the long run.
Even if every patron only contributes a very small amount every month, it can still be a huge source of income. Have a peek at the Patreon page for Kinda Funny, an internet video company. They have over 6,209 patrons which means an average of only $3 a month would be a monthly income of almost $19,000 and they get cheerleaders which are always pleased 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 ideas Ive seen in years. Amazon FBA makes it effortless to start your own retail company, to market your own products.
It was 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 throughout the country.
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The manufacturer is going to put everything together, package it and even put your tag on it. Then you simply run your advertising and market everything from your page on the worlds largest internet shopping website.
Amazon FBA provides you the opportunity to compete with all the biggest names in retailstores. Always wanted to start a toy company, proceed over Hasbro. Want a line of jeans along with your name stitched across the pocket, you can now get started for only a few thousand in inventory.
Ive got a couple of interviews on the site from people who have started shops through Amazon FBA. Some of them are making high-income incomes in less than a year so $5,000 per month is easily achievable in less than that.
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Making valid passive income isnt as difficult as you might think. A number of the very best passive income thoughts may take a little time to set up but can start money flowing within a few months and will provide a consistent monthly income for many years or more. The most important point is just to get Recommended Reading started.
In part three of the series we will discuss the differences between remaining income and passive income. These two phrases are often used interchangeably, but in fact they are not the exact same thing. There are some similarities, but there are also some large differences between residual income and passive income.Before I move onto a part of the Residual Income Series. .
First, lets have a look 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 or money that you have already made. With passive income that the person does not have to be directly involved with all the money that they are making.
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Residual income includes payments you will get following a purchase. Usually these payments are agreed upon in advance and will continue long after the purchase. A good example of this is royalties that someone gets for a film or book. They only write the film or book once, but it can continue to be sold and resold again and again, which permits you to continue to make money from your job.
Residual income can eventually turn into passive income over time, since you can eventually earn money without doing an extra 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 methods to earn residual income. It normally involves a fee that has to be renewed each month or week, which will allow you to continue to create money published here after the initial sale.