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Our next passive income idea 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 work hundreds of years ago. Back during the renaissance, artists utilized 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 individuals interested in your job, another usage of a site that will double-duty for 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 benefits and copies of the work. So for a writer, you could offer copies of your own books. You could promise to thank patrons on your site or to market something of theirs in the future.
Even if every patron only contributes a very small amount each month, it can still be a huge source of income. Take a look at the Patreon site to get Kinda Funny, an internet movie company. They've over 6,209 patrons that means an average of just $3 a month would be a monthly income of almost $19,000 and they get cheerleaders which are always happy 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 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 solutions. Together with Amazon FBA, you contract with a manufacturer to ship 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 biggest internet shopping site.
Amazon FBA gives you the opportunity to compete with 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 get started for just a couple of thousand in inventory.
Ive got a few interviews on the blog from people that have started stores through Amazon FBA. Some of them are making high-income incomes in less than a year so $5,000 per month is readily attainable in less than that.
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Making valid passive from this source income isnt as hard as you might think. A number of the best passive income thoughts may take a little time to set up but can begin cash flowing within a couple of 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 will discuss 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 a number of similarities, but there are also some large differences between residual income and passive income.Before I proceed onto a part of the Residual Income Series. .
First, lets have a peek at what passive income is. Passive income basically includes any money you make without doing any job. Often times this money comes in investments of time or money which you've already made. With passive income that the person does not have to be directly involved with the money they are making.
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Residual income includes payments you will get following a sale. Normally these payments have been agreed upon in advance and will continue long after the sale. A fantastic example of this is royalties that someone gets to get 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 work.
Residual income can eventually turn into passive income with time, as you can eventually earn money without doing an extra work. .
Now that you know the differences between passive and link 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 goods 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 make it possible for you to continue to make money after the initial sale.