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Our next passive income notion is another twist on crowdfunding called Patreon. The site is encouraged as a crowdfunding site for creative people like artists and writers but really its own for anyone with a side-hustle idea.
Patreon is really how the arts used to work hundreds of years ago. Back during the renaissance, artists utilized to ask the wealthy for 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 people interested in your work, another use of a site that does double-duty for this passive income strategy, and then request them to make contributions every time you create something. .
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Now patrons dont come off empty-handed, you offer benefits and copies of the job. So for a writer, you could offer copies of your own books. You can promise to publicly thank patrons on your site or to promote something of theirs in the long run.
Even if each patron only contributes a very small amount every month, it can still be a huge source of income. Have a look at the Patreon page to get Kinda Funny, an internet movie company. They have over 6,209 patrons that means an average of only $3 a month would be a monthly income of nearly $19,000 and 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 via Amazon FBA. This is one of the most exciting income ideas Ive seen in years. Amazon FBA makes it effortless 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 solutions. Together with Amazon FBA, you contract with a manufacturer to send everything straight to Amazon warehouses throughout the country.
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The manufacturer is going to put everything together, pack it and even set your label on it. Then you simply run your advertising and market everything from the webpage 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, proceed over Hasbro. Want a line of jeans along with your name stitched across the pocket, so you can now get started for only a few thousand in inventory.
Ive got a couple of interviews on the site from people that have begun stores through Amazon FBA. A couple of them are making six-figure incomes in less than a year therefore $5,000 per month is easily 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 thoughts may take a little time to set up but can begin cash flowing within a couple of months and will offer a consistent monthly income for many years or longer. The most important point is just to begin.
In part three of the series we'll go over the differences between residual income and passive income. These two terms are often used interchangeably, but in reality they are not the same thing. There i was reading this are some similarities, but there are also some big differences between residual income and passive income income.Before I move onto a part of the Residual Income Series. .
First, lets take a look at what passive income is. Passive income basically includes any money you make without doing any work. Often times this money comes from investments of time or money which you've made. With passive income that the person does not need to be involved with all the money they are making.
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Residual income includes payments that you will get after a sale. Normally these payments have been 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 allows you to continue to make money from your work.
Residual income can eventually turn into passive income over time, since 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 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.