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Our next passive income notion is another twist on crowdfunding called Patreon. The website is promoted as a crowdfunding site for creative people like artists and writers but its 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 for their patrons to support their work through regular contributions.
So now the site Patreon provides you the opportunity to acquire patrons for your own works. You construct a community of individuals interested in your work, another use of a blog that does 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 this job. So for a writer, you could offer copies of your own books. You can promise to thank patrons on your site or to market something of theirs in the long run.
Even if every patron only contributes a very small amount every month, it can still be a massive source of income. Have a look at the Patreon site for Kinda Funny, an internet movie company. They have over 6,209 patrons which means an average of just $3 a month would be a monthly income of almost $19,000 plus 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 sell your own products.
It used to be 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 send everything directly to Amazon warehouses throughout the country.
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The manufacturer additional resources is going to put everything together, package it and even set your label on it. Then you just run your advertising and sell everything from your webpage on the worlds biggest internet shopping site.
Amazon FBA gives you the opportunity to compete with the biggest names in retail. Always wanted to start a toy company, move over Hasbro. Want a line of jeans with your name stitched across the pocket, so you can now get started for just a couple of thousand in inventory.
Ive got a couple of 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 readily achievable in less than that.
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Making legitimate passive income isnt as difficult as you might think. A number of the very best passive income thoughts may take a little time to set up but can begin cash flowing within a few months and will provide a consistent monthly income for years or more. The most important point is just 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 fact they are not the exact same thing. There are a number of similarities, but there are also some big differences between remaining income and passive income.Before more helpful hints I move onto part of the Residual Income Series. .
First, lets have a look at what passive income is. Passive income basically includes any money you earn without doing any job. Often times this money comes from investments of time or money that you have made. With passive income that the person does not need to be involved with the money they are making.
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Residual income includes payments you will receive following a sale. Normally a fantastic read 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 movie or book. They only write the film or book once, but it can continue to be sold and resold again and again, which allows you to continue to create money from your work.
Earning 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 products online: This is one of the most common ways to earn residual income. It usually involves a fee which needs to be renewed each month per week, which will make it possible for you to continue to create money after the initial sale.