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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 really 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 provides you the opportunity to get patrons for your own works. You build a community of people interested in your job, another usage of a site that will double-duty with this passive income plan, and then ask them to make contributions each time you produce something. .
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Now patrons dont come away empty-handed, you offer rewards and copies of this job. So for a writer, you might offer copies of your 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 massive 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 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 past passive income source is creating your own brand and selling through 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 bucks for manufacturing, marketing, logistics, everything that went into selling products. With Amazon FBA, you contract with a manufacturer to ship everything directly to Amazon warehouses across 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 linked here advertising and sell everything from your page on the worlds largest internet shopping site.
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 with your name stitched across the pocket, you can now begin for only a few thousand in inventory.
Ive got a few interviews on the blog from people who have started shops through Amazon FBA. Some of them are making high-income incomes in less than a year therefore $5,000 per month is readily attainable in less than that.
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Making valid passive income isnt as hard as you might think. A number of the best passive income ideas might take a little time to set up but go to these guys can begin money flowing within a few months and will offer a consistent monthly income for years or more. The most important point is just to begin.
In part three of the series we will 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 big differences between residual income and passive income.Before I proceed onto a part of the Residual Income Series. .
First, lets take a look 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 that you have already made. With passive income the person does not need to be involved with all the money that they are making.
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Residual income includes payments you will get after a purchase. Usually these payments have been agreed upon in advance and will continue long after the purchase. A good instance of this is royalties that someone gets for a movie 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 create 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 create money after the initial sale.