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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 its own 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 wealthy to be their patrons to support their work through regular contributions.
So now the website Patreon gives you the opportunity to acquire patrons for your own works. You build a community of individuals interested in your job, another use 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 this 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 future.
Even if each patron only contributes a very small amount every month, it can still be a massive source of income. Have a look at the Patreon page to get Kinda Funny, an internet video company. They have 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 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. Together with Amazon FBA, you contract with a manufacturer to send everything straight to Amazon warehouses across the country.
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The manufacturer is going to put everything together, pack it and even put your label on it. Then you just run your advertising and market everything from your webpage on the worlds largest internet shopping website.
Amazon FBA gives 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 blue jeans with your name stitched across the pocket, you can now get started for just a few thousand in inventory.
Ive got a few interviews on the blog from folks who have started shops through Amazon FBA. A couple of them are making high-income incomes in less than a year therefore $5,000 a month is easily attainable in less than that.
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Making legitimate passive income isnt as hard as you may think. Some of the very best passive income thoughts might take a little time to set up 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 simply to get started.
In part three of the series we'll go over the differences between residual income and passive income. These two terms 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 remaining income and passive income.Before I proceed onto part of the Residual Income Series. .
First, lets take a look at what passive income is. Passive income basically includes any money you make without doing any work. 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 all the money that they are making.
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Residual income includes click this payments that you will get following a purchase. Usually these payments have been agreed upon in advance and will continue long after the purchase. A fantastic example of this is royalties that someone gets for 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 allows description you to continue to create money from your job.
Earning 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'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 Click This Link to earn residual income. It usually involves a fee which has to be renewed each month or week, which will allow you to continue to create money after the initial sale.