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Our next passive income idea is another twist on crowdfunding known as Patreon. The website is encouraged as a crowdfunding site for creative people like artists and writers but its own for anyone with a side-hustle notion.
Patreon is really 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 site Patreon gives you the opportunity to get patrons to your own works. You build a community of individuals interested in your work, another usage of a blog that does double-duty with this passive income strategy, and then ask them to make contributions each time you create something. .
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Now patrons dont come off empty-handed, you offer rewards and copies of this job. So to get a writer, you could offer copies of your books. You could promise to thank patrons on your blog or to promote 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. Have a peek at the Patreon page for Kinda Funny, an internet video company. They've over 6,209 patrons which means an average of just $3 a month would be a monthly income of almost $19,000 and 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 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 market your own products.
It was that you needed hundreds of thousands of bucks for manufacturing, marketing, logistics, everything that went into selling solutions. With Amazon FBA, you contract with a manufacturer to send everything directly to Amazon warehouses throughout the country.
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The manufacturer is going to put everything together, pack read the article it and even put 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 provides 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 blue jeans along 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 blog from people that have begun stores through Amazon FBA. Some of them are making six-figure incomes in less than a year so $5,000 a month is easily attainable in less than that.
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Making legitimate passive income isnt as hard as you may think. A number of the best passive income ideas may take a little time to set up but can begin cash flowing within a couple of months and will provide a consistent monthly income for years or longer. The most important point is just to get started.
In part three of the series we will discuss the differences between remaining income and passive income. Both of these phrases are often used interchangeably, but in reality they are not the same thing. There are a number of similarities, but there are also some big differences between residual income and my blog passive income.Before I proceed onto a part of the Residual Income Series. .
First, lets have 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 from investments of time or money that you have already made. With passive income informative post that the person does not have to be directly involved with all the money they are making.
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Residual income includes payments you will receive after a purchase. 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 for 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 permits you to continue to create money from your job.
Earning income can eventually turn into passive income with time, as 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 usually involves a fee that needs to be renewed each month or week, which will make it possible for you to continue to create money after the initial sale.