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Our next passive income idea is another twist on crowdfunding known as Patreon. The site is promoted as a crowdfunding site for creative people like artists and writers but really its own for anyone with a side-hustle notion.
Patreon is actually how the arts used to work hundreds of years ago. Back during the renaissance, artists utilized to ask the wealthy for their patrons to support their work through regular contributions.
So now the website Patreon provides you the opportunity to get patrons to your own works. You construct a community of people interested in your work, another use of a blog that does double-duty for this passive income strategy, and then ask them to make contributions every time you create something. .
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Now patrons dont come away empty-handed, you offer rewards and copies of the work. So for a writer, you might offer copies of your own books. You can promise to thank patrons on your site or to market something of theirs in the long run.
Even if each patron only contributes a very small amount each month, it can still be a huge source of income. Have a peek at the Patreon site to get Kinda Funny, an internet movie company. They've over 6,209 patrons which means an average of only $3 a month are a monthly income of almost $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 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 dollars for manufacturing, marketing, logistics, everything that went into selling products. 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, pack it and even put your tag on it. Then you simply 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 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 site from folks who have started shops through Amazon FBA. A couple 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 valid passive income isnt as hard as you might think. Some of the very best passive income ideas might take a little time to install but can start money flowing within a couple of months and will provide a consistent monthly income for many years or more. try this web-site 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. These two phrases are often used interchangeably, but in reality they are not the same thing. There are some similarities, but there are also some large differences between residual income and passive income income.Before I proceed onto part of the Residual Income Series. .
First, lets have a peek at what passive income is. Passive income basically includes any money you earn without doing any work. Often times this money comes in 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 that they are making.
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Residual income includes payments that you will get after a purchase. Normally these payments are agreed upon in advance and will continue long after the purchase. A good instance 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 job.
Residual income can eventually turn into passive income with time, since you can eventually earn money without check out this site 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 get more products online: This is one of the most common methods 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.