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Our next passive income notion is another twist on crowdfunding known as Patreon. The website is promoted as a crowdfunding site for creative people like artists and writers but its for anyone with a side-hustle idea.
Patreon is actually how the arts used to operate hundreds of years ago. Back during the renaissance, artists utilized 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 individuals interested in your job, another use of a blog that will double-duty for this passive income plan, and then ask them to make contributions each time you create something. .
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Now patrons dont come away empty-handed, you offer rewards and copies of the job. So to get a writer, you might offer copies of your books. You can promise to thank patrons on your site or to market something of theirs in the future.
Even if each patron only contributes a very small amount every month, it can still be a massive source of income. Take a peek at the Patreon site for Kinda Funny, an internet video company. They've over 6,209 patrons which means an average of just $3 a month are a monthly income of nearly $19,000 and they get cheerleaders that are always happy to spread the word on their brand. .
Our last passive income source is creating your own brand and selling through Amazon FBA. This is one of the most exciting income thoughts Ive seen in years. Amazon FBA makes it easy to start your own retail company, to sell your own products.
It was that you needed hundreds of thousands of bucks for manufacturing, marketing, logistics, everything that went into selling solutions. 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, package it and even put your label on it. Then you just run your advertising and market everything from the page on the worlds biggest 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 jeans along with your name stitched across the pocket, you can now begin for just a few thousand in inventory.
Ive got a few interviews on the site from folks that have started shops through Amazon FBA. Some of them are making high-income incomes in less than a year so $5,000 per month is readily achievable in less than that.
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Making legitimate passive income isnt as hard look at this website as you may think. Some of the very best passive income thoughts may take a little time to set up but can start money flowing within a few months and will provide a consistent monthly income for many years or longer. The most important point is just to begin.
In part three of the series we'll go over the differences between residual income and passive income. These two phrases are often used interchangeably, but in reality they are not the exact same thing. There are a number of similarities, but there are also some big differences between residual income and passive income income.Before I proceed onto part of the Residual Income Series. .
First, lets take a look at what passive income is. Passive income essentially includes any money you earn without doing any work. Often times this money comes from 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 that they are making.
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Residual income includes payments that you will receive index following a purchase. Normally 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 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 make 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 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 normally involves a fee which has to be renewed each month or week, which will allow you to continue to create money after the initial sale.