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Our next passive income idea is another twist on crowdfunding known as Patreon. The site is promoted as a crowdfunding site for creative people like artists and writers but really its for anyone with a side-hustle notion.
Patreon is really how the arts used to work hundreds of years ago. Back during the renaissance, artists utilized to ask the rich to be their patrons to support their work through regular contributions.
So now the site Patreon gives you the opportunity to acquire patrons to your own works. You build a community of individuals interested in your job, another use of a blog that does double-duty with 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 to get a writer, you could offer copies of your 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 every month, it can still be a huge source of income. Take a peek at the Patreon site to get Kinda Funny, an internet video company. They have over 6,209 patrons that means an average of just $3 a month are a monthly income of nearly $19,000 plus they get cheerleaders which are always happy to spread the word on their brand. .
Our last passive income source is creating your own brand and selling through 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 was that you needed hundreds of thousands of dollars for manufacturing, marketing, logistics, everything that went into selling solutions. 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 just run your advertising and sell everything from the webpage on the worlds largest internet shopping website.
Amazon FBA gives 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 jeans with your name stitched across the pocket, you can now get started for only a few thousand in inventory.
Ive got a couple of interviews on the blog from folks who have started stores through Amazon FBA. Some of them are making six-figure incomes in less than a year therefore $5,000 per month is readily achievable in less than that.
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Making valid passive income isnt as difficult as you may think. A number of the very best passive income thoughts may take a little time to install but can start cash flowing within a few months Residual Income Ideas in Mexico and will provide a consistent monthly income for years or more. The most important point is just to begin.
In part three of this series we'll go over the differences between residual income and passive income. Both of these phrases are often used interchangeably, but in fact they are not the same thing. There are some similarities, but there are also some large differences between remaining 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 essentially includes any money that you make without doing any job. Often times this money comes in investments of time or money which you've 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 that you will get following a purchase. Usually these payments have been agreed upon in advance and will continue long after the sale. A good 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 more allows you to continue to create money from your job.
Earning 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 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 which needs to be renewed each month per week, which will allow you to continue to create money after the initial sale.