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Our next passive income notion is another twist on crowdfunding called Patreon. The website is promoted as a crowdfunding site for creative people like artists and writers but its own for anyone with a side-hustle idea.
Patreon is really how the arts used to work hundreds of years back. 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 acquire patrons for your own works. You build a community of people interested in your job, another usage of a blog that will double-duty with this passive income strategy, and then request them to make contributions every time you produce something. .
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Now patrons dont come off empty-handed, you provide rewards and copies of the work. So for a writer, you might offer copies of your books. You could promise to publicly thank patrons on your blog or to promote something of theirs in the long run.
Even if every patron only contributes a very small amount each month, it can still be a huge source of income. Take a peek at the Patreon site for Kinda Funny, an internet movie 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 plus they get cheerleaders that are always pleased to spread the word on their brand. .
Our past passive income source is creating your own brand and selling via Amazon FBA. This really is one of the very exciting income thoughts Ive seen in years. Amazon FBA makes it effortless to start your own retail company, to market 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. 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, pack it and even set your tag on it. Then you just run your advertising and market everything from your webpage on the worlds largest find more information internet shopping site.
Amazon FBA gives 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 along with your name stitched across the pocket, you can now get started for just a couple of thousand in inventory.
Ive got a couple of interviews on the blog 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 per month is easily attainable in less than that.
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Making valid passive income isnt as hard as you might think. A number of the best passive income ideas may take a little time to install but can begin money flowing within a few months and will offer a consistent monthly income for many years or more. The most important point is just to begin.
In part three of the series we will discuss the differences between residual 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 large differences between residual income and passive income.Before I proceed onto part of the Residual Income Series. .
First, lets take a look at what passive income is. Passive income essentially includes any money that you earn without doing any work. Often times this money comes from investments of time or money which you've already made. With passive income the person does not have to be involved with the money that they are making.
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Residual income includes payments that you will receive following a purchase. Usually these payments have been agreed upon in advance and will continue long after the purchase. A fantastic instance of this is royalties that someone gets for a film 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, since you can eventually earn money without doing an excess work. .
Now that you know the differences between passive and residual income, It's time to learn about some of the most common methods individuals 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 has to be renewed each month or week, which will make it possible for you to continue to make money after the initial sale.