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Our next passive income idea is another twist on crowdfunding called Patreon. The website is encouraged as a crowdfunding website for creative people like artists and writers but really its for anyone with a side-hustle idea.
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 gives you the opportunity to acquire patrons to your own works. You build a community of people interested in your work, another use of a site that does 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 away empty-handed, you offer benefits and copies of the work. So for a writer, you might offer copies of your books. You can promise to thank patrons on your site or to promote something of theirs in the long run.
Even if every 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 for Kinda Funny, an internet video company. They have over 6,209 patrons which means an average of only $3 a month are a monthly income of almost $19,000 and they get cheerleaders that are always pleased to spread the word on their brand. .
Our last passive income source is creating your own brand and selling via Amazon FBA. This really is one of the very exciting income ideas 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 dollars 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 throughout 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 your page on the worlds biggest internet shopping site.
Amazon FBA gives you the opportunity to compete with all the biggest names in retailstores. Always wanted to start a toy company, move over Hasbro. Want visit homepage a line of blue jeans with your name stitched across the pocket, so you can now begin for only a few thousand in inventory.
Ive got a couple of interviews on the blog from people who have started shops through Amazon FBA. Some of them are making high-income incomes in less than a year therefore $5,000 per month is readily achievable in less than that.
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Making valid passive income isnt as hard as you may think. A number of the very best passive income ideas 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 more. The most important point is just to begin.
In part three of this 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 find same thing. There are some similarities, but there are also some large differences between residual income and passive income income.Before I proceed onto part of the Residual Income Series. .
First, lets take a look at what passive income is. Passive income essentially includes any money that you make without doing any work. Often times this money comes from investments of time or money that you have made. With passive income that the person does not have to be involved with the money they are making.
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Residual income includes payments you will receive after a sale. Usually these payments have been agreed upon in advance and will continue long after the sale. A fantastic instance of this is royalties that someone gets for 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 job.
Residual income can eventually turn into passive income over 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 goods online: This is one of the most common methods to earn residual income. It usually involves a fee that has to be renewed try this out each month or week, which will make it possible for you to continue to make money after the initial sale.