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Our next passive income notion 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 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 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 request them to make contributions each time you produce something. .
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Now patrons dont come away empty-handed, you provide rewards and copies of the work. So to get a writer, you might offer copies of your own books. You could promise to thank patrons on your blog or to promote something of theirs in the future.
Even if each patron only contributes a very small amount each month, it can still be a huge source of income. Take a peek at the Patreon site to get Kinda Funny, an internet movie company. They have over 6,209 patrons which means an average of just $3 a month would be a monthly income of nearly $19,000 plus 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 really 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 was 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 send everything straight to Amazon warehouses across 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 just run your advertising and market everything from your webpage on the worlds biggest internet shopping site.
Amazon FBA gives you the opportunity to compete with the biggest names in retailstores. 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 begin for only a couple of thousand in inventory.
Ive got a couple of interviews on the blog from people that have begun stores through Amazon FBA. Some of them are making six-figure incomes in less than a year so $5,000 a month is easily attainable in less than that.
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Making valid passive income isnt as hard as you might think. A number of the best passive income thoughts may take a little time to set up but can start money flowing within a couple of months and will provide a consistent monthly income for years my website or longer. The most important point is just to begin.
In part three of the series we will discuss the differences between residual income and passive income. Both of these 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 big differences between remaining income and passive income.Before I proceed onto part of the Residual Income Series. check it out .
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 in investments of time or money which you've made. With passive income 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 you will get following a purchase. Normally these payments are agreed upon in advance and will continue long after the sale. A fantastic instance of this is royalties that someone gets for 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.
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 that needs to be renewed you can try these out each month per week, which will make it possible for you to continue to create money after the initial sale.