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Our next passive income notion is another twist on crowdfunding known as Patreon. The site is encouraged as a crowdfunding site for creative people like artists and writers but really its for anyone with a side-hustle idea.
Patreon is actually 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 website Patreon gives you the opportunity to get patrons for your own works. You build a community of people interested in your job, another usage of a blog that does double-duty with this passive income plan, and then request them to make contributions every time you produce something. .
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Now patrons dont come away empty-handed, you offer rewards and copies of this job. So for a writer, you could offer copies of your own books. You can promise to publicly 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 huge source of income. Take a peek at the Patreon site for Kinda Funny, an internet video company. They've over 6,209 patrons that means an average of only $3 a month would be a monthly income of nearly $19,000 and they get cheerleaders which 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 sell 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 send everything directly to Amazon warehouses throughout the country.
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The manufacturer her response is going to put everything together, pack it and even set your label on it. Then you simply run your advertising and sell everything from the page on the worlds largest internet shopping site.
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 blue jeans with your name stitched across the pocket, so you can now begin for just a couple of thousand in inventory.
Ive got a few interviews on the site from people 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 easily attainable in less than that.
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Making valid passive income isnt as difficult as you might think. Some of the very best passive income ideas might take a little time to set up but can start cash flowing within a few months and will offer a consistent monthly income for many years or more. The most important point is simply to get started.
In part three of this series we'll go over the differences between residual income and passive income. These two phrases are often used interchangeably, but in fact they are not the same thing. There are a number of similarities, but there are also some large differences between residual income and passive income income.Before I proceed onto a part of the Residual Income Series. .
First, lets have a peek at what passive income is. Passive income essentially includes any money that you make without doing any work. Often times this money comes in 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 that they are making.
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Residual income includes payments 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 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 permits you to continue to make money from your job.
Residual income can eventually turn into passive income over time, as you can eventually earn money without doing an extra 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 methods to earn residual income. It normally involves a fee which has to be renewed each month per week, which will make it possible for you to continue to create money after the initial sale.