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Our next passive income idea is another twist on crowdfunding called Patreon. The site is promoted as a crowdfunding site for creative people like artists and writers but its for anyone with a side-hustle idea.
Patreon is really how the arts used to work hundreds of years back. Back during the renaissance, artists utilized to ask the wealthy for their patrons to support their work through regular contributions.
So now the site Patreon gives you the opportunity to get patrons to your own works. You construct a community of individuals interested in your job, another use of a blog that does double-duty for this passive income strategy, and then request them to make contributions every time you produce something. .
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Now patrons dont come off empty-handed, you provide rewards and copies of the work. So to get a writer, you might offer copies of your own 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 each month, it can still be a huge source of income. Have a look at the Patreon page for Kinda Funny, an internet movie company. They have over 6,209 patrons which means an average of only $3 a month are a monthly income of almost $19,000 plus they get cheerleaders which 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 really 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 bucks for manufacturing, marketing, logistics, everything that went into selling solutions. With Amazon FBA, you contract with a manufacturer to send everything directly to Amazon warehouses across 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 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 all the biggest names in retail. Always wanted to start a toy company, move over Hasbro. Want a line of jeans along with your name stitched across the pocket, you can now get started for just a few thousand in inventory.
Ive got a few interviews on the blog from folks who have begun shops through Amazon FBA. Some of them are making six-figure incomes in less than a year so $5,000 per month is easily achievable in less than that.
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Making valid passive income isnt as hard as you might think. Some of the very best passive income thoughts might take a little time to install but can start webpage money flowing within a few 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 the series we'll go over the differences between remaining income and passive income. These two terms are often used interchangeably, but in fact they are not the same thing. There are a number of similarities, but there are also some large differences between residual income and passive income.Before I move onto a part of the Residual Income Series. .
First, lets take a peek 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 that you have already made. With passive income that the person does not have to be directly involved with all the money they are making.
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Residual income includes payments that you will receive following a sale. original site Usually these payments are agreed upon in advance and will continue long after the sale. A fantastic 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 allows you to continue to create 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 is time to learn about some of the most common methods individuals 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 that has to be renewed each month or week, which will allow you to continue to create money after the initial sale.