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Our next passive income notion is another twist on crowdfunding known as Patreon. The site is encouraged as a crowdfunding website for creative people like artists and writers but its for anyone with a side-hustle idea.
Patreon is really how the arts used to operate hundreds of years back. Back during the renaissance, artists utilized to ask the wealthy to be 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 people interested in your job, another use of a blog 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 off empty-handed, you offer rewards and copies of this work. So to get 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 future.
Even if each patron only contributes a very small amount each month, it can still be a huge source of income. Take a look at the Patreon page 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 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 is one of the very 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, package it and even put your tag on it. Then you just run your advertising and market everything from the page on the worlds biggest internet shopping website.
Amazon FBA gives you the opportunity to compete with all the biggest names in retailstores. Always wanted to start article a toy company, move over Hasbro. Want a line of jeans along with your name stitched across the pocket, you can now begin for just a couple of thousand in inventory.
Ive got a couple of interviews on the blog from people that have begun shops through Amazon FBA. A couple of them are making high-income 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. Some of the very best passive income ideas might take a little time to install but can begin cash flowing within a few months and will offer a consistent monthly income for years or more. The most important point is just to get started.
In part three of this series we'll go over the differences between remaining income and passive income. These two terms are often used interchangeably, but in reality 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. . see this
First, lets have a look at what passive income is. Passive income essentially includes any money that you make without doing any work. Often times this money comes in investments of time or money which you've already made. With passive income that the person does not have to be involved with the money they are making.
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Residual income includes payments that you will receive after a sale. Normally these payments have been agreed upon in advance and will continue long after the sale. A good example 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 permits you to continue to make money from your work.
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 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 normally involves a fee that has to be renewed each month or week, which will make it possible for you to continue to create money after the initial sale.