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Our next passive income notion is another twist on crowdfunding called Patreon. The website 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 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 people interested in your work, another use of a site that does double-duty for this passive income plan, and then request them to make contributions each time you create something. .
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Now patrons dont come off empty-handed, you offer 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. Have a look at the Patreon site for Kinda Funny, an internet video 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 plus 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 is one of the very exciting income ideas Ive seen in years. Amazon FBA makes it effortless to start your own retail company, to sell your own products.
It used to be that you needed hundreds of thousands of bucks for manufacturing, marketing, logistics, everything that went into selling products. With Amazon FBA, you contract with a manufacturer to ship everything straight to Amazon warehouses throughout 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 the page on the worlds biggest internet shopping site.
Amazon FBA gives 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 couple of thousand in inventory.
Ive got here are the findings a few interviews on the blog from folks who have begun stores through Amazon FBA. Some of them are making high-income incomes in less than a year therefore $5,000 a month is readily achievable in less than that.
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Making legitimate passive income isnt as hard as you might think. A number of the best passive income thoughts might take a little time to install but can start money flowing within a couple of months and will offer a consistent monthly income for many years or more. The most important point is simply to get started.
In part three of the series we will go over the differences between residual income and passive income. Both of these terms are often used interchangeably, but in reality they are not the exact same thing. There are some similarities, but there are also some large differences between find this residual income and passive income income.Before I proceed onto part of the Residual Income Series. .
First, lets have check these guys out a look at what passive income is. Passive income essentially includes any money that you earn without doing any job. Often times this money comes from investments of time or money which you've already made. With passive income that the person does not have to be involved with all the money that they are making.
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Residual income includes payments you will get following a sale. Usually these payments have been agreed upon in advance and will continue long after the purchase. A good example of this is royalties that someone gets to get 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 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 methods to earn residual income. It usually involves a fee which needs to be renewed each month or week, which will make it possible for you to continue to make money after the initial sale.