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Our next passive income idea is another twist on crowdfunding called Patreon. The site is encouraged as a crowdfunding site for creative people like artists and writers but really its for anyone with a side-hustle idea.
Patreon is really how the arts used to work hundreds of years ago. Back during the renaissance, artists used to ask the wealthy for their patrons to support their work through regular contributions.
So now the site Patreon provides you the opportunity to get patrons for your own works. You construct a community of individuals interested in your work, another use of a site that will double-duty with this passive income plan, and then request them to make contributions every time you create something. .
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Now patrons dont come away empty-handed, you provide benefits 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 future.
Even if each patron only contributes a very small amount every month, it can still be a huge source of income. Have a look at the Patreon site to get Kinda Funny, an internet movie company. They have over 6,209 patrons which means an average of just $3 a month are a monthly income of nearly $19,000 plus they get cheerleaders which 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 very exciting income thoughts Ive seen in years. Amazon FBA makes it effortless to start your own retail company, to sell your own products.
It used to be that you needed hundreds of thousands of dollars for manufacturing, marketing, logistics, everything that went into selling solutions. With Amazon FBA, you contract with a manufacturer to ship everything straight to Amazon warehouses across the country.
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The manufacturer is going to put everything together, pack it and even put your tag on it. Then you just run your advertising and market everything from your webpage on the worlds largest internet shopping website.
Amazon FBA provides you the opportunity to compete with all the biggest names in retail. Always wanted to start a toy company, proceed over Hasbro. Want a line of blue jeans with your name stitched across the pocket, so additional resources 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 six-figure incomes in less than a year therefore $5,000 a month is readily achievable in less than that.
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Making valid passive income isnt as hard as you might think. A number of the very best passive income ideas might take a little time to set up but can begin cash flowing within a couple of months and will offer a consistent monthly income for years or longer. The most important point is just to begin.
In part three of this series we will go over the differences between remaining income and passive income. These two terms are often used interchangeably, but in reality they are not the exact same thing. There are a number of similarities, but there are also some big differences between residual income and passive income income.Before I proceed onto a part of the Residual Income Series. .
First, lets take a look at what passive income is. Passive income basically includes any money that you make without doing any work. Often times this money comes from investments of time or money which you've made. With passive income that the person does not have to be directly involved with the money they are making.
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Residual income includes payments you will get following a sale. Normally these payments are 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 with time, as you can eventually earn money without doing an excess visit work. .
Now that you know the differences between passive and residual income, it is time to learn about some of the most common methods individuals use to earn residual income:
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-Selling products online: This is one of the most common methods to earn residual income. It usually involves a fee that has to be renewed each month per week, which will allow you to continue to create money after the initial sale.