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Our next passive income notion is another twist on crowdfunding known as Patreon. The site is encouraged as a crowdfunding website for creative people like artists and writers but its for anyone with a side-hustle notion.
Patreon is actually how the arts used to operate hundreds of years back. 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 provides you the opportunity to get patrons to your own works. You construct a community of individuals interested in your work, another usage of a blog that will double-duty with this passive income plan, and then request them to make contributions every time you create something. .
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Now patrons dont come off empty-handed, you provide rewards and copies of this job. So to get a writer, you might offer copies of your books. You could promise to 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 every month, it can still be a massive source of income. Take a look at the Patreon page for Kinda Funny, an internet video company. They've over 6,209 patrons which means an average of only $3 a month are a monthly income of almost $19,000 and 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 most exciting income thoughts Ive seen in years. Amazon FBA makes it easy to start your own retail company, to market your own products.
It used to be 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 send 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 just run your advertising and sell everything from the page on the worlds largest internet shopping site.
Amazon FBA provides you the opportunity to compete with all the biggest names in retailstores. Always wanted to start a toy company, move over Hasbro. Want a line of blue jeans with your name stitched across the pocket, so you can now begin for only a few thousand in inventory.
Ive got a couple of interviews on the blog from folks who have begun shops through Amazon FBA. A couple of them are making high-income incomes in less than a year so $5,000 a month is easily achievable in less than that.
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Making legitimate passive income isnt as difficult as you might think. Some of the best passive income ideas might take a little time to set up but can start money flowing within a few months and will offer a consistent monthly income for many years or more. The most important point is simply to get started.
In part three of the series we'll go over the differences between remaining income and passive income. Both of these phrases are often used interchangeably, but in fact they are not the exact same thing. There are a number of similarities, but there are also some large differences between remaining income and passive income.Before I move onto a part of the Residual Income Series. .
First, lets have a look at what passive income is. Passive income basically look what i found includes any money that you earn without doing any job. Often times this money comes in investments of time or money that you have already made. With passive income the person does not need to be involved with all the money they are making.
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Residual income includes payments you will get 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 for a film 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.
Residual income can eventually turn into passive income with 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 that needs to be renewed each month per week, which will allow you to continue to create money after the initial sale.