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Our next passive income notion is another twist on crowdfunding called 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 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 site Patreon provides you the opportunity to get patrons for your own works. You build a community of people interested in your work, another use of a site that will double-duty for this passive income strategy, and then ask them to make contributions each time you produce something. .
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Now patrons dont come off empty-handed, you provide benefits and copies of the work. So to get a writer, you could offer copies of your books. You can promise to publicly thank patrons on your blog or to promote something of theirs in the long run.
Even if each patron only contributes a very small amount each month, it can still be a massive source of income. Have a look at the Patreon site for Kinda Funny, an internet video company. They've over 6,209 patrons that means an average of just $3 a month are a monthly income of nearly $19,000 and they get cheerleaders which are always pleased to spread the word on their brand. .
Our past passive income source is creating your own brand and selling via Amazon FBA. This is one of the very exciting income ideas Ive seen in years. Amazon FBA makes it effortless 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. Together with Amazon FBA, you contract with a manufacturer to send everything directly 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 website.
Amazon FBA provides you the opportunity to compete with the biggest names in retail. Always wanted to start a toy company, proceed over Hasbro. Want a line of jeans with your name stitched across the pocket, you can now begin for just a couple of thousand in inventory.
Ive got a few interviews on the site from folks who have started stores through Amazon FBA. A couple of them are making high-income incomes in less than a year so $5,000 per month is easily attainable in less than that.
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Making legitimate passive income isnt as hard as you might think. Some of the very best passive income ideas might take a little time to set up but can begin cash flowing within a few months and will provide a consistent monthly income for many years or longer. The most pop over to these guys important point is just to get started.
In part three of this series we will go over 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. .
First, lets have a peek at what passive income is. Passive income basically includes any money 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 that you will get after a purchase. Usually these payments are agreed upon in advance and will continue long after the purchase. A fantastic instance 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 permits you to continue to make money from your job.
Earning income can eventually turn into passive income with time, as 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 each month per week, which will allow you to continue to create money after the initial sale.