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Our next passive income idea is another twist on crowdfunding called Patreon. The site is encouraged as a crowdfunding site for creative people like artists and writers but its for anyone with a side-hustle notion.
Patreon is really how the arts used to work 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 website Patreon provides you the opportunity to get patrons for your own works. You construct a community of individuals interested in your job, another usage of a site that will double-duty with this passive income plan, and then request them to make contributions every time you create something. .
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Now patrons dont come off empty-handed, you provide rewards and copies of the work. So to get a writer, you could offer copies of your own books. You can promise to publicly thank patrons on your blog or to market something of theirs in the future.
Even if each patron only contributes a very small amount each month, it can still be a massive source of income. Have a peek at the Patreon site for Kinda Funny, an internet video company. They've over 6,209 patrons that means an average of only $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 via Amazon FBA. This is one of the most exciting income ideas 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 dollars for manufacturing, marketing, logistics, everything that went into selling products. Together 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 label on it. Then you simply run your advertising and market everything from your page on the worlds biggest internet shopping site.
Amazon FBA gives 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 jeans along with your name stitched across the pocket, so you can now get started for only a few thousand in inventory.
Ive got a few interviews on the site from folks who have started shops through Amazon FBA. A couple of them are making six-figure incomes in less than a year therefore $5,000 per month is readily attainable in less than that.
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Making valid passive income isnt as difficult as you might think. Some of the very best passive income thoughts might take a little time to install 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 begin.
In part three of this series we'll discuss the differences between remaining income and passive income. Both of these terms are often used interchangeably, but in fact they are not the same thing. There are a number of similarities, but there are also some big differences between remaining income and passive income.Before I proceed onto part of the Residual Income Series. . click here for info
First, lets take a peek at what passive income is. Passive income essentially includes any money that you earn 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 receive after a purchase. Normally these payments have been agreed upon in advance and you can try these out will continue long after the purchase. A good example 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 allows you to continue to create money from your job.
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's time to learn about some of the most common methods people use to earn home 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 needs to be renewed each month per week, which will allow you to continue to make money after the initial sale.