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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 notion.
Patreon is actually how the arts used to work hundreds of years back. Back during the renaissance, artists utilized to ask the wealthy for their patrons to support their work through regular contributions.
So now the site Patreon gives you the opportunity to acquire patrons for your own works. You build a community of individuals interested in your work, another usage of a site that will double-duty for this passive income strategy, and then ask them to make contributions every time you create something. .
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Now patrons dont come away empty-handed, you offer rewards and copies of the job. So to get a writer, you could offer copies of your own books. You could promise to publicly thank patrons on your blog or to market something of theirs in the long run.
Even if each patron only contributes a very small amount every month, it can still be a huge source of income. Take a look at the Patreon page for Kinda Funny, an internet movie 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 happy to spread the word on their brand. .
Our past passive income source is creating your own brand and selling via Amazon FBA. This is one of the most exciting income ideas Ive seen in years. Amazon FBA makes it effortless 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 solutions. Together 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, package it and even set your label on it. Then you just run your advertising and sell everything from your page on the worlds biggest internet shopping website.
Amazon FBA provides you the opportunity to compete with all the biggest names in retailstores. Always wanted to start a toy company, proceed over Hasbro. Want a line of blue jeans with your name stitched across the pocket, you can now begin for only a couple of thousand in inventory.
Ive got a few interviews on the site from folks that have begun stores through Amazon FBA. Some of them are making high-income incomes in less than a year so $5,000 per month is readily achievable in less than that.
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Making valid passive income isnt as hard as you might think. Some of the very best passive income ideas may take a little time to install but can start money flowing within a couple of months and will provide a consistent monthly income for years or more. The most important point is just to begin.
In part three of this series we'll go over the differences between residual income and passive income. These two terms are often used interchangeably, but in reality they official source are not the same thing. There are some similarities, but there are also some big differences between remaining 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 basically includes any money that you earn without doing any job. Often times this money comes from investments of time or money that you have already made. With passive income that 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 after a purchase. Normally these payments are agreed upon in advance and will continue long after the purchase. A good example of this is royalties that someone gets to get a movie or book. They only write Click Here the movie or book once, but it can continue to be sold and resold again and again, which allows you to continue to create money from your work.
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 is time to learn about some of the most common methods people use to earn residual income:
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-Selling products online: This is one of the most common ways to earn residual income. It normally involves a fee that needs to be renewed each month or week, which will make it possible for you to continue to make money after the initial sale.