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Our next passive income notion is another twist on crowdfunding called Patreon. The website is encouraged as a crowdfunding site 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 rich 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 construct a community of people interested in your work, another use of a site that will double-duty with this passive income strategy, and then ask them to make contributions every time you produce something. .
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Now patrons dont come away empty-handed, you provide benefits and copies of the work. So for a writer, you might offer copies of your books. You could promise to publicly thank patrons on your blog or to promote something of theirs in the future.
Even if every patron only contributes a very small amount every month, it can still be a massive source of income. Have a peek at the Patreon page for Kinda Funny, an internet movie company. They've over 6,209 patrons that means an average of only $3 a month would be a monthly income of almost $19,000 and they get cheerleaders which are always pleased 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 very exciting income thoughts Ive seen in years. Amazon FBA makes it effortless to start your own retail company, to market 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 ship everything directly to Amazon warehouses throughout 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 simply run your advertising and sell everything from the webpage on the worlds biggest internet shopping website.
Amazon FBA provides view 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, so you can now get started for only a few thousand in inventory.
Ive got a couple of interviews on the site from people who have started shops through Amazon FBA. A couple of them are making high-income incomes review in less than a year therefore $5,000 a month is readily attainable in less than that.
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Making valid passive income isnt as difficult as you may think. Some of the best passive income thoughts might take a little time to set up but can start money flowing within a few months and will offer a consistent monthly income for many years or more. The most important point is simply to get started.
In part three of the series we'll discuss the differences between remaining income and passive income. These two terms recommended you read 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 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 basically includes any money you make without doing any work. Often times this money comes in investments of time or money that you have made. With passive income the person does not need to be involved with the money that they are making.
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Residual income includes payments that you will get after a sale. Normally these payments have been agreed upon in advance and will continue long after the sale. A good instance of this is royalties that someone gets for a film or book. They only write the movie 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 work.
Earning income can eventually turn into passive income over time, since you can eventually earn money without doing an excess work. .
Now that you know the differences between passive and residual income, it is time to learn about some of the most common methods people 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 usually involves a fee that has to be renewed each month per week, which will make it possible for you to continue to create money after the initial sale.