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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 its for anyone with a side-hustle notion.
Patreon is actually how the arts used to operate hundreds of years ago. 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 gives you the opportunity to acquire patrons to your own works. You construct a community of people interested in your job, another usage of a blog that will double-duty with 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 offer rewards and copies of the work. So for a writer, you could offer copies of your books. You can 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 video 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 plus they get cheerleaders that are always happy to spread the word on their brand. .
Our last passive income source is creating your own brand and selling through Amazon FBA. This is one of the most exciting income ideas Ive seen in years. Amazon FBA makes it effortless to start your own retail company, to sell your own products.
It was that you needed hundreds of thousands of bucks for manufacturing, marketing, logistics, everything that went into selling products. 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 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 retail. Always wanted to start a toy company, proceed over Hasbro. Want a line of blue jeans along with your name stitched across the pocket, you can now begin for only a few thousand in inventory.
Ive got a couple of interviews on the site from folks that have started shops through Amazon FBA. Some of them are making six-figure incomes in less than a year so $5,000 per month is readily achievable in less than that.
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Making valid passive income isnt as hard as you may think. A number of the best passive income ideas may take a little time to install but can begin money flowing within a few months and will provide a consistent monthly income for years or more. The most important point is just to begin.
In part three of this series we'll 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 same thing. There are some similarities, but there are site link also some large differences between residual income and passive income income.Before I proceed onto part of the Residual Income Series. .
First, lets have a look at what passive income is. Passive income essentially includes any money you earn without doing any job. Often times this money comes in investments of time or money which you've already made. With passive income the person does not have to be involved with the money they are making.
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Residual income includes payments you will receive after a sale. Normally these payments are agreed upon in advance and will continue long after the purchase. 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 create money from your job.
Residual income can eventually turn into passive income with time, as you can eventually earn money without doing an excess work. .
Now that 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 products online: This is one of the most common ways to earn residual income. It usually involves a fee which needs to be renewed each month or week, which will allow you to continue to make money after the initial sale.