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Our next passive income notion is another twist on crowdfunding called Patreon. The website is promoted as a crowdfunding website 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 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 website Patreon provides you the opportunity to acquire patrons for your own works. You construct a community of people interested in your work, another usage of a blog that will double-duty for this passive income plan, and then ask them to make contributions every time you create something. .
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Now patrons dont come away empty-handed, you provide benefits and copies of the job. So to get a writer, you might offer copies of your own books. You could promise to thank patrons on your blog or to promote something of theirs in the long run.
Even if every patron only contributes a very small amount every month, it can still be a massive source of income. Take 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 would be a monthly income of almost $19,000 and they get cheerleaders that 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 is one of the most exciting income thoughts Ive seen in years. Amazon FBA makes it effortless to start your own retail company, to market your own products.
It used to be 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 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 your page on the worlds largest internet shopping site.
Amazon FBA gives you the opportunity to compete with all the biggest names in retailstores. Always wanted to start a toy company, move navigate to these guys 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 couple of interviews on the blog from people who have started stores through Amazon FBA. Some of them are making six-figure 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 may think. A number of the very best passive income ideas might take a little time to set up but can begin cash flowing within a few months 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 will go over the differences between residual income and passive income. These two terms are often used interchangeably, but in reality they are not the same thing. There are a number of similarities, but there are also some big differences between remaining income and passive income.Before I move onto 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 in investments of time or money that you have 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 visit this website will get after a purchase. Usually these payments are agreed upon in advance and will continue long after the purchase. A fantastic example of this is royalties that someone gets to get 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 permits 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 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 goods online: This is one of the most common methods to earn residual income. It usually involves a fee which has to be renewed each month per week, which will make it possible for you to continue to create money after the initial sale.