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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 actually how the arts used to operate hundreds of years back. Back during the renaissance, artists used 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 for your own works. You build a community of people interested in your job, another usage of a site that does double-duty with this passive income plan, and then request them to make contributions each time you produce something. .
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Now patrons dont come off empty-handed, you provide benefits and copies of the job. So to get a writer, you could offer copies of your own books. You can promise to thank patrons on your site or to market something of theirs in the long run.
Even if every patron only contributes a very small amount every month, it can still be a massive source of income. Have a look at the Patreon page for Kinda Funny, an internet video company. They have over 6,209 patrons that means an average of only $3 a month are a monthly income of nearly $19,000 and they get cheerleaders which are always pleased to spread the word on their brand. .
Our past 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 used to be that you needed hundreds of thousands of dollars for manufacturing, marketing, logistics, everything that went into selling products. 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, pack it and even set your tag on it. Then you simply run your advertising and sell everything from the webpage on the worlds largest internet shopping website.
Amazon FBA provides you the opportunity to compete with the biggest names in retail. Always wanted to start a toy company, proceed over Hasbro. Want a line of blue jeans with your name stitched across the pocket, so you can now get started for only a couple of thousand in inventory.
Ive got a few interviews on the blog from people who have started stores through Amazon FBA. Some of them are making six-figure 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 difficult as you may think. Some of the very best passive income ideas might take a little time to set up but can start money flowing within a few months and will provide a consistent monthly income for years or more. The most important point is just to get started.
In part three of this series we will discuss the differences this link between remaining income and passive income. These two terms are often used interchangeably, but in reality 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.Before I proceed onto part of the Residual Income Series. .
First, lets take a look at what passive income is. Passive income basically includes any money that you make index without doing any work. Often times this money comes from investments of time or money which you've already made. With passive income the person does not have to be directly involved with the money that they are making.
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Residual income includes payments that you will receive following a purchase. Usually these payments have been agreed upon in advance and will continue long after the purchase. A good instance of this is royalties that someone gets for 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 allows you to continue to create money from your job.
Earning income can eventually turn into passive income over time, click for info since you can eventually earn money without doing an extra work. .
Now that you know the differences between passive and residual income, It's 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 which needs to be renewed each month per week, which will make it possible for you to continue to create money after the initial sale.