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Our next passive income notion is another twist on crowdfunding known as Patreon. The website is promoted as a crowdfunding site for creative people like artists and writers but really its own for anyone with a side-hustle idea.
Patreon is actually how the arts used to work hundreds of years back. 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 get patrons for your own works. You build a community of people interested in your job, another use of a blog that does double-duty for this passive income strategy, and then request them to make contributions each time you create something. .
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Now patrons dont come off empty-handed, you provide 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 blog 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 massive source of income. Have a peek at the Patreon site for Kinda Funny, an internet video company. They've over 6,209 patrons which means an average of just $3 a month would be a monthly income of almost $19,000 and they get cheerleaders that 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 most exciting income ideas 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 dollars for manufacturing, marketing, logistics, everything that went into selling solutions. With Amazon FBA, you contract with a manufacturer to send everything straight to Amazon warehouses throughout the country.
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The manufacturer is going to put everything together, pack it and even put your label on it. Then you just run your advertising and sell everything from your webpage on the worlds biggest 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, move over Hasbro. Want a line of jeans with your name stitched across the pocket, you can now begin for just a few thousand in inventory.
Ive got a few interviews on the blog from folks who have started shops through Amazon FBA. Some of them are making high-income incomes in less than a year so $5,000 a month is readily achievable in less than that.
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Making legitimate passive income isnt as difficult as you may think. Some of the very best passive income ideas may take a little time to set up but can begin cash flowing within a few months and will offer a consistent monthly income for many years or more. The most important point is simply to get started.
In part three of the series we will discuss the differences between remaining 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 income.Before I proceed onto part of the Residual Income Series. .
First, lets take a peek at what passive income More about the author is. Passive income basically includes any money you earn without doing any work. Often times this money comes from investments of time or money that you have already made. With passive income that the person does not need to be involved with the money that they are making.
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Residual income includes payments that you will receive after a purchase. Normally these payments have been agreed upon in advance and will continue long after the purchase. A good example of this is royalties that someone gets to get a film or book. They only write the film or book once, but it official site can continue to be sold and resold again and again, which permits you to continue to create money from your work.
Earning income can eventually turn useful content into passive income over time, since you can eventually earn money without doing an extra 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 usually 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.