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Our next passive income idea is another twist on crowdfunding known as Patreon. The website is promoted as a crowdfunding website for creative people like artists and writers but really 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 rich for their patrons to support their work through regular contributions.
So now the website Patreon gives you the opportunity to acquire patrons for your own works. You construct a community of people interested in your job, another use of a site that does double-duty for 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 rewards and copies of the work. So for a writer, you could offer copies of your books. You can promise to thank patrons on your blog or to promote something of theirs in the long run.
Even if each patron only contributes a very small amount every month, it can still be a huge source of income. Take a look at the Patreon site 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 nearly $19,000 and they get cheerleaders which are always happy to spread the word on their brand. .
Our past passive income source is creating your own brand and selling through 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 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 products. With Amazon FBA, you contract with a manufacturer to ship everything directly to Amazon warehouses throughout the country.
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The manufacturer is going to put everything together, pack it and even put your label on it. Then you just run your advertising and sell everything from your webpage on the worlds biggest 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, move over Hasbro. Want a line of blue jeans with your name stitched across the pocket, you can now get started for just a few thousand in inventory.
Ive got a couple of interviews on the blog from people who have begun shops through Amazon FBA. Some of them are making high-income incomes in less than a year therefore $5,000 a month is readily achievable in less than that.
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Making legitimate passive income isnt as difficult as you might think. Some of the very best passive income thoughts may take a little time to install but can start cash flowing within a couple of months and will offer a consistent monthly income for many my sources years or longer. The most important point is simply to begin.
In part three of the series we will discuss the differences between residual income and passive income. Both of these phrases are often used interchangeably, but in fact they are click now not the same thing. There are some similarities, but there are also some large differences between remaining 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 you earn without doing any job. Often times this money comes from investments of time or money that you have made. With passive income 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 that you will receive after a sale. Usually these payments have been agreed upon in advance and will continue long after the purchase. A good example 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.
Earning income can eventually turn into passive income with time, as you can eventually earn money without doing an extra work. .
Now that you know the differences between passive and residual income, It's time to learn about some of the most common methods people use to earn residual income:
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-Selling products online: This is one of the most common ways to earn residual income. It usually involves a fee that has to be renewed each month per week, which will make it possible for you to continue to create money after the initial sale.