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Our next passive income idea is another twist on crowdfunding called Patreon. The site 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 really 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 provides you the opportunity to acquire patrons to your own works. You construct a community of individuals interested in your job, another usage of a site that will double-duty with this passive income strategy, and then ask them to make contributions each time you produce something. .
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Now patrons dont come off empty-handed, you offer rewards and copies of this job. So to get a writer, you could offer copies of your books. You could promise to publicly thank patrons on your site or to market 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. Take a peek at the Patreon page to get Kinda Funny, an internet video company. They have over 6,209 patrons that means an average of only $3 a month are a monthly income of almost $19,000 and 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 through Amazon FBA. This really is one of the most exciting income ideas 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 dollars for manufacturing, marketing, logistics, everything that went into selling products. Together 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, package it and even set your tag on it. Then you simply run your advertising and sell everything from your webpage 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, proceed over Hasbro. Want a line of jeans with your name stitched across the pocket, so you can now get started for just a couple of thousand in inventory.
Ive got a few interviews on the site from people that have started stores through Amazon FBA. Some of them are making high-income incomes in less than a year so $5,000 a month is easily attainable in less than that.
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Making legitimate passive income isnt as difficult as you might think. A number of the very best passive income thoughts may take a little time to set up but can start money flowing within a couple of months and will provide a consistent monthly income for years or more. The most important point is simply to begin.
In part three of the series we'll go over the differences between residual income and passive income. These two terms are often used interchangeably, but in fact see page they are not the exact same thing. There are a number of similarities, but there are also some big differences between residual income and passive income income.Before I proceed onto a part of the Residual Income Series. .
First, lets take a peek at what passive income is. Passive income basically includes any money that you earn without doing any job. Often times this money comes from investments of time or money that you have made. With passive income that the person does not need to be directly involved with all the money they are making.
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Residual income includes payments you will receive following a sale. Usually these payments are agreed upon in advance and will continue long after the purchase. 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 permits you to continue to make money from your job.
Residual income can eventually turn into passive income over 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 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 usually involves a fee which click here for more needs to be renewed each month or week, which will allow you to continue to create money after the initial sale.