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Our next passive income notion 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 for anyone with a side-hustle idea.
Patreon is really how the arts used to operate hundreds of years back. Back during the renaissance, artists used to ask the rich to be their patrons to support their work through regular contributions.
So now the site Patreon provides you the opportunity to acquire patrons for your own works. You build a community of people interested in your work, another use of a site 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 off empty-handed, you offer benefits and copies of this work. So to get a writer, you might offer copies of your own books. You can promise to thank patrons on your site or to promote 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. Take a peek at the Patreon site to get Kinda Funny, an internet movie company. They've over 6,209 patrons that 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 really is one of the most exciting income thoughts Ive seen in years. Amazon FBA makes it easy 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. Together 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, package it and even put your tag on it. Then you simply official source run your advertising and market everything from the page on the worlds largest internet shopping website.
Amazon FBA provides you the opportunity to compete with all the biggest names in retail. Always wanted to start a toy company, proceed over Hasbro. Want a line of jeans with your name stitched across the pocket, so you can now get started for only a few thousand in inventory.
Ive got a few interviews on the blog from folks who have started stores through Amazon FBA. A couple of them are making six-figure incomes in less than a year so $5,000 a month is readily achievable in less than that.
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Making valid passive income isnt as difficult as you might think. A number of the best passive income thoughts may take a little time to install but can start cash flowing within a couple of months and will offer 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 remaining income and passive income. Both of these terms are often used interchangeably, but in reality they are not the exact same thing. There are a number of similarities, but there are also some large differences between remaining income and passive income income.Before I move onto 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 have to be directly involved with all the money that they are making.
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Residual income includes payments that you will receive after a sale. 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 to get a film or book. They only write the film or book once, but it can continue to be sold and resold again and again, which allows you to continue to create money from your work.
Earning income read the full info here 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 is 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 ways to earn residual income. It usually involves a fee that has to be renewed each month or week, which will allow you to continue to make money after the initial sale.