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Our next passive income notion is another twist on crowdfunding known as Patreon. The site is encouraged as a crowdfunding website for creative people like artists and writers but its for anyone with a side-hustle idea.
Patreon is really how the arts used to operate 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 acquire patrons for your own works. You build a community of people interested in your work, another use of a site that will double-duty with this passive income strategy, and then request them to make contributions every time you produce 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 could offer copies of your books. You could promise to thank patrons on your site or to promote something of theirs in the future.
Even if each patron only contributes a very small amount every month, it can still be a huge 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 almost $19,000 plus they get cheerleaders that are always pleased to spread the word on their brand. .
Our last passive income source is creating your own brand and selling via Amazon FBA. This 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 used to be that you needed hundreds of thousands of bucks for manufacturing, marketing, logistics, everything that went into selling solutions. Together 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 set your label on it. Then you just run your advertising and market everything from the page on the worlds largest internet shopping website.
Amazon FBA provides you the opportunity to compete with all the biggest names in retail. Always wanted to start a toy company, proceed over Hasbro. Want a line of blue jeans along like this with your name stitched across the pocket, you can now get started for just a few thousand in inventory.
Ive got a couple of interviews on the blog from folks who have begun shops 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 difficult as you might think. A number of the best passive income thoughts may take a little time to install but can start cash flowing within a few 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 this series we'll discuss the differences between remaining income and passive income. These two phrases are often used interchangeably, but in fact they are not the exact same thing. There are some similarities, but there are also some big differences between residual income and passive income.Before I move onto part of the Residual Income Series. .
First, lets take a look at what passive income is. Passive income basically includes any money you earn without doing any work. Often times this money comes from investments of time or money that you have made. With passive income the person does not have to be directly involved with the money that they are making.
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Residual income includes payments that you will get after a purchase. Normally these payments are agreed upon in advance and will continue long after the purchase. A good instance 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 job.
Residual 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 look what i found individuals 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 normally involves a fee that has to be renewed each month or week, which will make it possible for you to continue to create money after the initial sale.