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Our next passive income notion is another twist on crowdfunding known as Patreon. The site is promoted as a crowdfunding site for creative people like artists and writers but its 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 to be their patrons to support their work through regular contributions.
So now the website Patreon gives you the opportunity to get patrons to your own works. You construct a community of people interested in your work, another use of a blog that does double-duty for this passive income strategy, and then request them to make contributions each time you produce 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 could offer copies of your own books. You can promise to publicly 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 massive source of income. Take a peek at the Patreon page for Kinda Funny, an internet movie company. They've over 6,209 patrons that means an average of only $3 a month would be a monthly income of almost $19,000 plus 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 most 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 products. Together with Amazon FBA, you contract with a manufacturer to send everything directly to Amazon warehouses across the country.
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The manufacturer is going to put everything together, package it and even put your label on it. Then you just run your advertising and market everything from the page on the worlds biggest internet shopping site.
Amazon FBA my company provides you the opportunity to compete with the biggest names in retailstores. Always wanted to start a toy company, proceed over Hasbro. Want a line of blue jeans along with your name stitched useful reference across the pocket, you can now get started for only a couple of thousand in inventory.
Ive got a few interviews on the site from folks who have begun shops through Amazon FBA. A couple of them are making six-figure incomes in less than a year so $5,000 per month is readily achievable in less than that.
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Making legitimate passive income isnt as difficult as you may think. A number of the very best passive income thoughts might 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 more. The most important point is simply 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 some similarities, but there are also some large differences between residual income and passive income.Before I proceed onto part of the Residual Income Series. .
First, lets have a peek at what passive income is. Passive income essentially includes any money you earn without doing any job. Often times this money comes from investments of time or money which you've 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 that you will get following a sale. Normally 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 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 allows you to continue to make money from your job.
Earning 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'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 which has to be renewed each month per week, which will make it possible for you to continue to make money after the initial sale.