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Our next passive income idea is another twist on crowdfunding called Patreon. The site is promoted as a crowdfunding website for creative people like artists and writers but its own for anyone with a side-hustle idea.
Patreon is actually how the arts used to operate hundreds of years ago. 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 individuals interested in your job, another usage of a site that will double-duty with this passive income plan, and then ask 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 job. So for a writer, you might offer copies of your books. You could 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 every month, it can still be a huge source of income. Take a peek at the Patreon page to get Kinda Funny, an internet video company. They have over 6,209 patrons that means an average of only $3 a month would be a monthly income of nearly $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 via Amazon FBA. This really is one of the most exciting income ideas Ive seen in years. Amazon FBA makes it easy to start your own retail company, to market 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. 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 label on it. Then you just run your advertising and market everything from the webpage on the worlds largest internet shopping website.
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 a line of jeans with your name stitched across the pocket, you can now begin for only a few thousand in inventory.
Ive got a couple of interviews on the site from people who have begun stores through Amazon FBA. A couple of them are making high-income incomes in less than a year therefore $5,000 per month is easily achievable in less than that.
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Making valid passive income isnt as hard as you may think. Some of the very best passive income thoughts may take a little time to install but can start cash flowing within a couple of months and will provide a consistent monthly income for many years or longer. 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. Both of these phrases 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 move onto part of the Residual Income Series. discover this info here .
First, lets have a peek at what passive income is. Passive income basically includes any money you make without doing any work. Often times this money comes in investments of time or money which you've made. With passive income the person does not need to be directly involved with all the money they are making.
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Residual income includes payments that you will receive after a purchase. Usually 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 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 allows you to continue to make money from your work.
Residual 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 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 normally involves a fee which needs to be renewed each month or week, which will allow you to continue to make money after the initial sale.