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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 really its for anyone with a side-hustle notion.
Patreon is actually how the arts used to work hundreds of years back. Back during the renaissance, artists utilized to ask the wealthy for their patrons to support their work through regular contributions.
So now the site Patreon provides you the opportunity to acquire patrons to your own works. You build a community of individuals interested in your work, another usage of a blog that does double-duty for this passive income strategy, 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 could offer copies of your own books. You could promise to thank patrons on your blog or to market something of theirs in the future.
Even if every patron only contributes a very small amount each month, it can still be a huge source of income. Have a peek at the Patreon site for Kinda Funny, an internet video company. They have 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 past passive income source is creating your own brand and selling via Amazon FBA. This really is one of the most exciting income ideas Ive seen in years. Amazon FBA makes it easy to start your own retail company, to market your own products.
It was that you needed hundreds of thousands of dollars for manufacturing, marketing, logistics, everything that went into selling products. Together with Amazon FBA, you contract with a manufacturer to ship everything straight to Amazon warehouses throughout the country.
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The manufacturer is going to put check over here everything together, package it and even set your tag on it. Then you just run your advertising and sell everything from the webpage on the worlds largest internet shopping website.
Amazon FBA provides you the opportunity to compete with all the biggest names in retailstores. Always wanted to start a toy company, proceed over Hasbro. Want a line of blue jeans with your name stitched across the pocket, so you can now begin for just a few thousand in inventory.
Ive got a few interviews on the blog from people that have started shops through Amazon FBA. A couple of them are making high-income incomes in less than a year therefore $5,000 per month is readily achievable 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 start money flowing within a couple of months and will offer a consistent monthly income for years or longer. The most important point is just to click this link begin.
In part three of this series we will discuss the differences between residual income and passive income. Both of these 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 reference between remaining income and passive income.Before I move onto a part of the Residual Income Series. .
First, lets take a peek at what passive income is. Passive income essentially includes any money that you earn without doing any job. Often times this money comes in investments of time or money that you have already made. With passive income that the person does not have to be involved with the money that they are making.
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Residual income includes payments that you will get following a sale. Normally these payments have been agreed upon in advance and will continue long after the sale. A good example of this is royalties that someone gets for a movie or book. They only write the movie 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 job.
Residual income can eventually turn into passive income with time, since 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 individuals use to earn residual income:
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-Selling goods online: This is one of the most common ways to earn residual income. It normally involves a fee that has to be renewed each month per week, which will allow you to continue to make money after the initial sale.