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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 notion.
Patreon is really how the arts used to operate hundreds of years ago. Back during the renaissance, artists used to ask the wealthy for their patrons to support their work through regular contributions.
So now the site Patreon gives you the opportunity to acquire patrons for your own works. You construct a community of individuals interested in your work, another use 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 off empty-handed, you offer rewards and copies of this job. So for a writer, you might offer copies of your own books. You could promise to thank patrons on your blog or to market 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 look at the Patreon page to get Kinda Funny, an internet video company. They have over 6,209 patrons that means an average of just $3 a month would be 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 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. Together 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 put your tag on it. Then you just run your advertising and sell everything from the page on the worlds largest internet shopping website.
Amazon FBA gives you the opportunity to compete with all the biggest names in retailstores. 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 only a few thousand in inventory.
Ive got a few interviews on the blog from address folks that have begun stores through Amazon FBA. Some of them are making high-income incomes in less than a year so $5,000 per month is easily attainable in less than that.
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Making legitimate passive income isnt as difficult as you may 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 longer. The most important point is just to get started. directory
In part three of the series we'll go over the differences between residual income and passive income. Both of these terms are often used find here interchangeably, but in fact they are not the same thing. There are a number of similarities, but there are also some large differences between remaining income and passive income income.Before I proceed onto a part of the Residual Income Series. .
First, lets have a look at what passive income is. Passive income basically includes any money you earn without doing any job. Often times this money comes from investments of time or money which you've 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 that you will receive after a purchase. Usually these payments have been agreed upon in advance and will continue long after the purchase. A fantastic 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 allows you to continue to make money from your job.
Earning income can eventually turn into passive income with time, since 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 individuals 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.