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Our next passive income idea is another twist on crowdfunding known as Patreon. The website is encouraged as a crowdfunding site for creative people like artists and writers but its own for anyone with a side-hustle idea.
Patreon is really how the arts used to operate hundreds of years ago. Back during the renaissance, artists used to ask the wealthy to be their patrons to support their work through regular contributions.
So now the site Patreon gives you the opportunity to get patrons to your own works. You construct a community of individuals interested in your job, another use of a site that will double-duty for this passive income plan, and then ask them to make contributions every time you produce something. .
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Now patrons dont come away empty-handed, you provide rewards and copies of this job. So for a writer, you might offer copies of your own books. You can promise to publicly thank patrons on your blog or to promote something of theirs in the future.
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 that means an average of just $3 a month are a monthly income of nearly $19,000 and they get cheerleaders that are always happy 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 very 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 bucks for manufacturing, marketing, logistics, everything that went into selling solutions. 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, pack it and even set your tag on it. Then you simply run your advertising and market everything from the webpage on the worlds biggest internet shopping website.
Amazon FBA provides you the opportunity to compete with all the biggest names in retailstores. Always wanted to start a toy company, proceed over Hasbro. Want a line of jeans along with your name stitched across the pocket, so you can now begin for only a couple of thousand in inventory.
Ive got a few interviews on the site from folks that 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 achievable in less than that.
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Making valid passive income isnt as hard as you may think. A number of the best passive income ideas may take a little time to install but can begin cash flowing within a couple of months and will provide a consistent monthly income for many years or longer. The most important point is just to get started.
In part three of this series we'll go over the differences between residual income and passive income. These two phrases are often used interchangeably, but in reality they are not the same thing. There are a number of similarities, but there are also some large differences between residual income and passive income.Before I proceed onto part of the Residual Income Series. .
First, lets take a peek at what passive income is. Passive income essentially includes any money that you earn without doing any job. Often times this money comes from investments of time or money which you've made. With passive income that the person does not have to be involved with the money they are making.
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Residual income includes payments you will get after a sale. Usually these payments are agreed upon in advance and will continue long after the sale. A good example of this is royalties that someone gets for 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 allows you to continue to make money from your work.
Residual income can eventually turn into passive income over time, as you can eventually earn money without doing an extra work. .
Now that you know the differences between passive and residual learn this here now income, it is time a fantastic read 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 methods to earn residual income. It normally involves a fee that needs to be renewed each month per week, which will make it possible for you to continue to create money after the initial sale.