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Our next passive income notion is another twist on crowdfunding known as Patreon. The site is promoted as a crowdfunding website for creative people like artists and writers but really its for anyone with a side-hustle notion.
Patreon is really how the arts used to operate hundreds of years back. Back during the renaissance, artists utilized to ask the rich to be their patrons to support their work through regular contributions.
So now the site Patreon provides you the opportunity to get patrons to your own works. You build a community of people interested in your job, another use of a site that will double-duty for this passive income strategy, and then request them to make contributions every time you produce something. .
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Now patrons dont come away empty-handed, you provide benefits and copies of this job. So to get a writer, you might offer copies of your own books. You can promise to thank patrons on your blog or to promote something of theirs in the future.
Even if every patron only contributes a very small amount every month, it can still be a huge source of income. Take a look at the Patreon page to get Kinda Funny, an internet video company. They've 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 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 most exciting income ideas 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. Together 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, package it and even put your tag on it. Then you simply run your advertising and sell everything from the page on the worlds largest internet shopping website.
Amazon FBA provides you the opportunity to compete with the biggest names in retailstores. Always wanted to start a toy company, move over Hasbro. Want a line of jeans along with your name stitched across the pocket, navigate to these guys you can now begin for only a few thousand in inventory.
Ive got a couple of interviews on the site from people that have begun stores through Amazon FBA. Some of them are making high-income incomes in less than a year therefore $5,000 a month is readily attainable in less than that.
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Making valid passive income isnt as difficult as you may think. A number of the very best passive income thoughts might take a little time to install but can begin cash flowing within a few months and will offer a consistent monthly income for many years or longer. The most important point is simply to begin.
In part three of the series we'll discuss the differences between remaining income and passive income. Both of these phrases are often used interchangeably, but in reality they are not the same thing. There are some similarities, but there are also some big differences between remaining 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 basically includes any money that you make without doing any work. Often times this money comes from investments of time or money that you have already made. With passive income that the person does not have to be involved with all the money that they are making.
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Residual income includes payments that you will receive after a purchase. Usually these payments are agreed upon in advance and will continue long after the purchase. A good example of this is royalties that someone gets to get a film or book. They only write the film 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 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 people use to earn residual income:
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-Selling goods online: This is one of the most common methods to earn residual income. It usually involves a fee that needs to be renewed each month per week, which will allow you to continue to create money after the initial sale.