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Our next passive income notion is another twist on crowdfunding called Patreon. The site is encouraged as a crowdfunding website 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 for their patrons to support their work through regular contributions.
So now the site 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 site that will double-duty for this passive income strategy, and then ask 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 the job. So to get a writer, you might offer copies of your own books. You can promise to publicly 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 huge source of income. Have a peek at the Patreon page to get Kinda Funny, an internet video company. They've over 6,209 patrons that means an average of just $3 a month would be a monthly income of almost $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 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 was 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 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 set your tag on it. Then you simply 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 retailstores. Always wanted to start a toy company, proceed over Hasbro. Want a line of blue jeans along with your name stitched across the pocket, so you can now get started for only a few thousand in inventory.
Ive got a few interviews on the blog from folks that have begun shops through Amazon FBA. A couple of them are making six-figure incomes in less than a year therefore browse around here $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. Some of the best passive income thoughts might take a little time to set up but can start cash flowing within a few months and will provide a consistent monthly income for many years or longer. The most important point is simply to begin.
In part three of this series we'll discuss the differences between remaining income and passive income. Both of these 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 big differences between remaining income and passive income income.Before I proceed 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 work. Often times this money comes in investments of time or money that you have made. With passive income the person does not need to be directly involved with all the money they are making.
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Residual income includes payments that you will receive following a sale. Usually these payments have been agreed upon in advance and will continue long after the sale. A fantastic example of this is royalties that someone gets to get a movie or book. They only write the film or book once, but it can continue to be sold and resold again and again, which allows you to continue to make money from your job.
Earning income can eventually turn into passive income over time, since 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 people 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 needs to be renewed each month or week, which will make it possible for you to continue to make money after the initial sale.