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Our next passive income idea is another twist on crowdfunding called Patreon. The website is encouraged as a crowdfunding site for creative people like artists and writers but its for anyone with a side-hustle idea.
Patreon is really how the arts used to work hundreds of years back. Back during the renaissance, artists utilized to ask the rich for their patrons to support their work through regular contributions.
So now the website Patreon gives you the opportunity to acquire patrons to your own works. You construct a community of people interested in your work, another use of a blog that does double-duty for this passive income plan, 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 the work. So for a writer, you might offer copies of your books. You could 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 huge source of income. Have a peek at the Patreon site to get Kinda Funny, an internet movie company. They've over 6,209 patrons which means an average of just $3 a month would be a monthly income of nearly $19,000 and they get cheerleaders that are always happy 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 easy 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 products. 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, package it go and even put your label on it. Then you simply run your advertising and sell everything from your webpage on the worlds largest internet shopping website.
Amazon FBA provides you the opportunity to compete with 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 get started for only a couple of thousand in inventory.
Ive got a couple of interviews on the blog from folks who have begun 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 look at this web-site 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 ideas may take a little time to install but can start money flowing within a few months and will provide a consistent monthly income for many years or more. The most important point is just to begin.
In part three of the series we'll discuss the differences between residual income and passive income. Both of these phrases are often used interchangeably, but in fact they are not the same thing. There are some similarities, but there are also some large differences between remaining income and passive income.Before I move onto part of the Residual Income Series. .
First, lets have a peek at what passive income is. Passive income essentially 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 the person does not have to be directly involved with the money they are making.
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Residual income includes payments you will get after a purchase. Normally these payments have been agreed upon in advance and will continue long after the purchase. A fantastic instance of this is royalties that someone gets to get 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 my latest blog post you to continue to make money from your work.
Residual income can eventually turn into passive income over time, as 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 products online: This is one of the most common methods to earn residual income. It normally involves a fee which needs to be renewed each month per week, which will allow you to continue to create money after the initial sale.