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Our next passive income idea is another twist on crowdfunding called Patreon. The website is promoted as a crowdfunding website for creative people like artists and writers but 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 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 individuals interested in your work, another use of a blog that will double-duty with 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 rewards and copies of this work. So for a writer, you might offer copies of your own books. You could promise to thank patrons on your site or to market something of theirs in the long run.
Even if every patron only contributes a very small amount each month, it can still be a massive source of income. Take a look at the Patreon site for Kinda Funny, an internet movie company. They've 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 which are always happy to spread the word on their brand. .
Our past passive income source is creating your own brand and selling through Amazon FBA. This really is one of the very 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 solutions. 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 just run your advertising and market everything from the webpage on the worlds biggest 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, move over Hasbro. Want a line of jeans along with your name stitched across the pocket, so you can now get started for just a few thousand in inventory.
Ive got a couple of interviews on the site from people visit this page who have begun stores through Amazon FBA. A couple of them are making high-income incomes in less than a year therefore $5,000 a month is easily achievable 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 might take a little time to install but can begin cash flowing within a few months and will offer a consistent monthly income for years or longer. The most important point is just to begin.
In part three of this series we'll discuss the differences between remaining income and passive income. These two phrases are often used interchangeably, but in reality they are not the exact same thing. There are some similarities, but there are also some big differences between residual income and passive income.Before I proceed onto part of the Residual Income Series. .
First, lets have a peek at what passive income is. Passive income basically includes any money that you make without doing any work. Often times this money comes from investments of time or money that you have made. With passive income the person does not have to be involved with all the money they are making.
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Residual income includes payments you will receive after a purchase. Usually these payments have been agreed upon in advance and will continue long after the purchase. A good instance of this is royalties that someone gets to get 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 over time, since you can eventually earn money without doing an extra work. .
Now that you know click site the differences between passive and residual income, it is time to learn browse around these guys 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 normally involves a fee that needs to be renewed each month or week, which will make it possible for you to continue to create money after the initial sale.