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Our next passive income idea is another twist on crowdfunding known as Patreon. The website is promoted as a crowdfunding website for creative people like artists and writers but its for anyone with a side-hustle idea.
Patreon is actually how the arts used to operate hundreds of years ago. Back during the renaissance, artists used 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 build a community of people 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 off empty-handed, you provide benefits and copies of this work. So for a writer, you might offer copies of your books. You can promise to publicly 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 every month, it can still be a huge source of income. Take a look at the Patreon page for 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 plus they get cheerleaders which are always pleased 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 very exciting income ideas 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 bucks for manufacturing, marketing, logistics, everything that went into selling solutions. 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, package it and even put your tag on it. Then you just run your advertising and market everything from your page on the worlds biggest internet shopping site.
Amazon FBA provides 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, you can now get started for only a few thousand in inventory.
Ive got a couple of interviews on the blog from folks who have begun 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 attainable 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 thoughts may take a little time to install but can start money flowing within a couple of months and will offer a consistent monthly income for years or more. The most important point is simply to get started.
In part three of this series we will discuss the differences between remaining income and passive income. Both of these terms are often used interchangeably, but in fact 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 move onto part of the Residual Income Series. .
First, lets have a look at what passive income is. Passive income essentially includes any money that you earn without doing any work. click here now 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 directly involved with the money they are making.
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Residual income includes payments you will receive following a purchase. 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 film 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.
Earning income can eventually turn into passive income with time, since you can eventually earn money without doing an extra work. .
Now that click here for more you know the differences between passive and residual income, It's time to learn about some of the most common methods individuals use to earn residual income:
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-Selling goods online: This is one of the most common methods to earn residual income. It normally involves a fee which has to be renewed each month or week, which will make it possible for you to continue to make money after the initial sale.