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Our next passive income idea is another twist on crowdfunding known as Patreon. The site is promoted as a crowdfunding site for creative people like artists and writers but its for anyone with a side-hustle notion.
Patreon is actually how the arts used to work hundreds of years back. Back during the renaissance, artists used 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 acquire patrons to your own works. You construct a community of individuals interested in your job, another use of a blog that will double-duty with this passive income plan, and then ask them to make contributions each time you produce something. .
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Now patrons dont come off empty-handed, you provide rewards and copies of the work. So for 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 every patron only contributes a very small amount every month, it can still be a massive source of income. Have a peek at the Patreon site for Kinda Funny, an internet movie company. They've over 6,209 patrons which means an average of just $3 a month would be 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 easy to start your own retail company, to sell your own products.
It was 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 send everything directly to Amazon warehouses throughout the country.
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The manufacturer is going to put everything together, pack it and even put your tag on it. Then you just run your advertising and market everything from the page on the worlds biggest internet shopping website.
Amazon FBA gives 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 jeans along with your name stitched across the pocket, so you can now begin for just a few thousand in inventory.
Ive got a few interviews on the site from folks who site have started shops through Amazon FBA. A couple of them are making six-figure incomes in less than a year therefore $5,000 per month is readily achievable in less than that.
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Making legitimate passive income isnt as hard as you may think. Some of the 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 more. The most important point is simply to begin.
In part three of this series we'll discuss the differences between remaining income and passive income. Both of these terms are often used interchangeably, but in fact they are not the same thing. There are some similarities, but Get the facts there are also some large 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 make without doing any job. Often times this money comes in investments of time or money that you have already made. With passive income that the person does not need to be directly involved with the money that they are making.
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Residual income includes payments that you will get following a sale. 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 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 look at here you to continue to make money from your work.
Earning 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's 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 that needs to be renewed each month or week, which will make it possible for you to continue to make money after the initial sale.