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Our next passive income notion is another twist on crowdfunding called Patreon. The site is encouraged 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 utilized to ask the rich to be their patrons to support their work through regular contributions.
So now the website Patreon gives 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 ask them to make contributions every time you create something. .
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Now patrons dont come away empty-handed, you offer rewards and copies of this work. 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 each patron only contributes a very small amount each month, it can still be a huge source of income. Take a peek at the Patreon page for Kinda Funny, an internet movie company. They've over 6,209 patrons which means an average of only $3 a month would be a monthly income of almost $19,000 plus they get cheerleaders that are always pleased 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 easy to start your own retail company, to market 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 send everything directly to Amazon warehouses throughout the country.
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The manufacturer is going to put everything together, pack their website it and even put your label on it. Then you simply run your advertising and market everything from the webpage on the worlds largest internet shopping site.
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 jeans with your name stitched across the pocket, you can now get started for just a few thousand weblink in inventory.
Ive got a few interviews on the site from people who have started stores through Amazon FBA. A couple of them are making six-figure incomes in less than a year so $5,000 a month is easily attainable in less than that.
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Making legitimate passive income isnt as hard as you may think. Some of the very best passive income ideas may take a little time to set up but can begin cash 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 this series we'll discuss the differences between residual income and passive income. These two terms 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 remaining income and passive income 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 includes any money that you make without doing any job. Often times this money comes from investments of time or money which you've made. With passive income the person does not need to be involved with all the money that they are making.
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Residual income includes payments that you will receive following a purchase. Normally these payments are agreed upon in advance and will continue long after the purchase. A fantastic instance 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.
Residual income can eventually turn into passive income with time, as you can eventually check here 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 ways 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.