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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 really its for anyone with a side-hustle idea.
Patreon is actually how the arts used to work 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 site Patreon provides you the opportunity to acquire patrons to your own works. You build a community of people interested in your work, another use of a blog that does double-duty for 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 benefits and copies of the job. So to get a writer, you might offer copies of your books. You could promise to publicly thank patrons on your blog 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 massive source of income. Take a look 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 and they get cheerleaders which 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 really is one of the most exciting income ideas Ive seen in years. Amazon FBA makes it effortless to start your own retail company, to sell your own products.
It was that you needed hundreds of thousands of dollars for manufacturing, marketing, logistics, everything that went into selling solutions. Together 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, pack it and even set your label on it. Then you simply run your advertising and sell everything from your webpage on the worlds largest internet shopping website.
Amazon FBA provides you the opportunity to compete with the biggest names in retail. Always wanted to start a toy company, move over Hasbro. Want a line of blue jeans along with your name stitched across read this article the pocket, you can now begin for just a couple of 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 More Info than a year so $5,000 per month is readily attainable in less than that.
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Making legitimate passive income isnt as hard as you might think. Some of the best passive income thoughts may take a little time to install but can start cash flowing within a few months and will provide a consistent monthly income for many years or longer. The most important point is simply to begin.
In part three of this series we will discuss the differences between residual income and passive income. These two phrases are often used interchangeably, navigate to these guys but in reality they are not the exact same thing. There are some similarities, but there are also some large differences between residual income and passive income.Before I move onto part of the Residual Income Series. .
First, lets have a look at what passive income is. Passive income basically includes any money you earn 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 have to be directly involved with the money they are making.
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Residual income includes payments that you will receive following a sale. Usually these payments have been agreed upon in advance and will continue long after the sale. A good instance of this is royalties that someone gets to get a film 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 create money from your work.
Residual 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 is time to learn about some of the most common methods people 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 that needs to be renewed each month per week, which will make it possible for you to continue to create money after the initial sale.