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Our next passive income notion is another twist on crowdfunding called Patreon. The site is promoted as a crowdfunding website for creative people like artists and writers but really its own for anyone with a side-hustle idea.
Patreon is really how the arts used to work hundreds of years back. Back during the renaissance, artists used to ask the wealthy 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 construct a community of people interested in your job, another use of a site that will double-duty for this passive income plan, and then ask them to make contributions every time you create something. .
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Now patrons dont come away empty-handed, you provide rewards and copies of this work. So to get a writer, you could offer copies of your books. You could promise to publicly thank patrons on your site or to market something of theirs in the long run.
Even if each patron only contributes a very small amount each month, it can still be a massive source of income. Have a look at the Patreon site for 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 nearly $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 through Amazon FBA. This really 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 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 set your tag on it. Then you simply run your advertising and market everything from your page on the worlds largest internet shopping site.
Amazon FBA gives 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 with your name stitched across the pocket, so you can now begin for only a few thousand in inventory.
Ive got a few interviews on the site from people who have begun stores through Amazon FBA. A couple of them are making six-figure incomes in advice less than a year so $5,000 a month is readily attainable in less than that.
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Making valid passive income isnt as hard as you may think. A number of the very best passive income ideas might take a little time to set up but can start cash flowing within a couple of months and will provide a consistent monthly income for years or longer. The most important point is simply to begin.
In part three of this series we will go over the differences between remaining income and passive income. These two terms are often used interchangeably, but in fact they are not the exact same thing. There are some similarities, but there are also some big differences between remaining income and passive income income.Before I move onto part of the Residual Income Series. .
First, lets have a look at what passive income is. Passive income basically includes any money you make without doing any job. Often times this money comes from investments of time or money which you've 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 you will receive after a sale. Usually these payments have been agreed upon in advance and will continue long after the sale. A good instance of this is royalties that someone gets for 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 permits you to continue to make money from your work.
Residual 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 pop over to these guys 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 allow you to continue to create money after the initial sale.