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Our next passive income idea is another twist on crowdfunding called 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 idea.
Patreon is really how the arts used to work hundreds of years back. Back during the renaissance, artists utilized to ask the wealthy to be 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 people interested in your job, another usage of a site that will double-duty with this passive income plan, and then request them to make contributions every time you produce something. .
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Now patrons dont come away empty-handed, you offer rewards and copies of this job. So to get a writer, you could offer copies of your books. You can promise to publicly thank patrons on your site or to promote something of theirs in the future.
Even if every patron only contributes a very small amount every month, it can still be a huge source of income. Have a peek at the Patreon page to get Kinda Funny, an internet video company. They've over 6,209 patrons that means an average of just $3 a month are a monthly income of almost $19,000 plus 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 bucks for manufacturing, marketing, logistics, everything that went into selling products. 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 it and even set your tag on it. Then you simply run your advertising and sell everything from the webpage on the worlds largest internet shopping site.
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 along with your name stitched across the pocket, you can now get started for only a couple of thousand in inventory.
Ive got a couple of interviews on the blog from people who have begun stores through Amazon FBA. A couple of them are making six-figure incomes in less than a year therefore $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. A number 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 many years or longer. The most important point is just to begin.
In part three of this series we'll go over the differences between remaining income and passive income. Both of these terms are often used interchangeably, but in reality they are not the exact you can try this out same thing. There are a number of similarities, but there are also some large differences between remaining income and passive income income.Before I proceed onto a part of the Residual Income Series. .
First, lets take a peek at what passive income is. Passive income essentially includes any money you earn without doing any job. Often times this money comes in investments of time or money which you've already made. With passive income that the person does not need to be directly involved with the money that they are making.
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Residual income includes payments you will receive after a sale. Usually these payments are agreed upon in advance and will continue long after the sale. A good example of this is royalties that someone gets for 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 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 excess 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 products online: This is one of the most common ways to earn residual income. It normally involves a fee which has to be renewed each month or week, which will allow you to continue to create money after the initial sale.