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Our next passive income idea is another twist on crowdfunding known as Patreon. The website is promoted as a crowdfunding website for creative people like artists and writers but really its own 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 get patrons to your own works. You build a community of people interested in your job, another use of a site that does double-duty for 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 offer 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 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 page to get Kinda Funny, an internet movie company. They have over 6,209 patrons that means an average of just $3 a month would be a monthly income of nearly $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 thoughts Ive seen in years. Amazon FBA makes it effortless to start your own retail company, to sell 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. With Amazon FBA, you contract with a manufacturer to ship 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 tag on it. Then you just run your advertising and market everything from the webpage on the worlds biggest internet shopping website.
Amazon FBA gives you the opportunity Learn More Here 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, you can now begin for only a couple of thousand in inventory.
Ive got a few interviews on the site from people that have started stores through Amazon FBA. A couple of them are making six-figure incomes in less than a year so $5,000 a month is readily attainable in less than that.
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Making legitimate passive income isnt as difficult as you may think. A number of the best passive income ideas might take a little time to install but can start money flowing within a few months and will offer a consistent monthly income for years or more. The most important point is simply to get started.
In part three of this series we'll 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 large differences between residual income and passive income income.Before I proceed onto a part of the Residual Income Series. .
First, lets take a peek at what passive income is. Passive income basically includes any money you make 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 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 good instance of this is royalties that someone gets to get 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 permits you to continue to create money from your job.
Earning income can eventually turn into passive their website 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'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 methods 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 make money after the initial sale.