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Our next passive income idea is another twist on crowdfunding called Patreon. The website is encouraged as a crowdfunding website for creative people like artists and writers but its own for anyone with a side-hustle notion.
Patreon is really how the arts used to operate hundreds of years back. Back during the renaissance, artists utilized to ask the wealthy to be their patrons to support their work through regular contributions.
So now the site Patreon provides you the opportunity to acquire patrons to your own works. You construct a community of individuals interested in your job, another usage of a blog that does double-duty for this passive income strategy, and then ask 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 work. 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 each patron only contributes a very small amount every month, it can still be a massive source of income. Take a peek at the Patreon page to get Kinda Funny, an internet movie company. They have 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 happy to spread the word on their brand. .
Our past passive income source is creating your own brand and selling via Amazon FBA. This is one of the very 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 solutions. Together with Amazon FBA, you contract with a manufacturer to send everything directly 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 market everything from the page on the worlds largest internet shopping site.
Amazon FBA provides you the opportunity to compete with the biggest names in retailstores. Always wanted to start a toy company, move over Hasbro. Want a line of blue jeans along with your name stitched across the pocket, you can now begin for only a couple of thousand in inventory.
Ive got a couple of interviews on the blog from people that have begun shops through Amazon FBA. Some of them are making six-figure incomes in less than a year so $5,000 a month is easily achievable in less than that.
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Making valid 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 start money flowing within a few 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 will go over the differences between remaining income and passive income. Both of these terms are often used interchangeably, but in fact they are not the exact same thing. There are a number of similarities, but there are also some big differences between remaining income and passive income.Before I proceed onto part of the Residual Income Series. .
First, lets have a look at what passive income is. Passive income basically includes any money that you earn without doing any work. Often times this money comes in investments of time or money that you have already 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 will get after a sale. Normally these payments have been agreed upon in advance and will continue long after the sale. A good example of this is royalties that someone gets for 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 look at this website continue to make money from your job.
Residual income can eventually turn into passive income with 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 people 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 has to be renewed each month or week, which will allow you to continue to create money after the initial sale.