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Our next passive income idea is another twist on crowdfunding called Patreon. The website is promoted as a crowdfunding site for creative people like artists and writers but its own for anyone with a side-hustle notion.
Patreon is actually how the arts used to operate hundreds of years back. Back during the renaissance, artists used 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 for your own works. You construct a community of people interested in your job, another use of a site that does double-duty with this passive income plan, and then request them to make contributions every time you produce something. .
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Now patrons dont come away empty-handed, you offer benefits and copies of the work. So to get a writer, you could offer copies of your 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 huge source of income. Take a look at the Patreon page to get Kinda Funny, an internet movie company. They've over 6,209 patrons which means an average of only $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 past 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 solutions. Together with Amazon FBA, you contract with a manufacturer to ship everything directly to Amazon warehouses across the country.
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The manufacturer is going to put everything together, package it and even set your tag on it. Then you simply run your advertising and market everything from the webpage on the worlds biggest internet shopping site.
Amazon FBA gives you the opportunity to compete with all the biggest names in retail. Always wanted to start a toy company, proceed over Hasbro. Want a line of jeans with your name stitched across the pocket, so you can Get the facts now begin for only a few thousand in inventory.
Ive got a few interviews on the blog from people who have started stores through Amazon FBA. A couple of them are making high-income incomes Click Here in less than a year so $5,000 per month is easily attainable in less than that.
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Making legitimate passive income isnt as hard as you might think. A number of the best passive income thoughts might take a little time to install but can begin money flowing within a few months and will offer a consistent monthly income for many years or longer. The most important point is simply to begin.
In part three of the series we will discuss the differences between residual income and passive income. Both of these terms are often used interchangeably, but in reality 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 proceed onto a part of the Residual Income Series. .
First, lets take a look at what passive income is. Passive income essentially includes any money that you earn without doing any job. Often times this money comes from investments of time or money that you have already made. With passive income 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. Usually these payments have been agreed upon in advance and will continue long after the sale. A fantastic example of this is royalties that someone gets to get a movie 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 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 ways 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 make money after the initial sale.