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Our next passive income idea is another twist on crowdfunding known as 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 operate hundreds of years ago. 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 provides you the opportunity to get patrons for your own works. You build a community of individuals interested in your job, another usage of a blog that does double-duty with this passive income strategy, and then ask 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 job. So to get a writer, you could offer copies of your books. You can promise to thank patrons on your site or to promote something of theirs in the future.
Even if every patron only contributes a very small amount each month, it can still be a massive source of income. Take a look at the Patreon page to get Kinda Funny, an internet video company. They have over 6,209 patrons which means an average of just $3 a month would be a monthly income of almost $19,000 plus 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 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 dollars for manufacturing, marketing, logistics, everything that went into selling products. 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 Related Site it and even set your label on it. Then you simply run your advertising and sell everything from the page on the worlds biggest internet shopping website.
Amazon FBA provides you the opportunity to compete with the biggest names in retail. Always wanted to start a toy company, proceed over Hasbro. Want a line of jeans with your name stitched across the pocket, so you can now begin for just a few thousand in inventory.
Ive got a couple of interviews on the site from people who have started stores through Amazon FBA. A couple of them are making six-figure incomes in less than a year therefore $5,000 per month is readily achievable in less than that.
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Making valid passive income isnt as difficult as you may think. Some of the very best passive income thoughts may take a little time to install but can begin money flowing within a couple of months and will offer a consistent monthly income for many years or longer. The most important point is simply to get started.
In part three of the series we will discuss the differences between remaining income and passive income. These two terms are often used interchangeably, but in fact they are not the exact check my source same thing. There are some similarities, but there are also some large differences between residual income and passive income.Before I move onto part of the Residual Income Series. .
First, lets have a peek at what passive income is. Passive income essentially includes any money that you earn without doing any job. Often times this money comes in investments of time or money which you've made. With passive income 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 purchase. Usually these payments have been agreed upon in advance and will continue long after the purchase. A fantastic example of this is royalties that someone gets for 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 permits you to continue to create money from your job.
Earning income can eventually turn into passive income over time, as you can eventually earn money without doing an excess 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 which has to be renewed each month per week, which will make it possible for you to continue to make money after the initial sale.