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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 actually how the arts used to work hundreds of years back. Back during the renaissance, artists utilized to ask the rich for their patrons to support their work through regular contributions.
So now the website Patreon gives you the opportunity to acquire patrons for your own works. You build a community of people interested in your work, another use of a site that will double-duty for this passive income plan, and then ask them to make contributions each time you produce something. .
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Now patrons dont come away empty-handed, you offer benefits and copies of the job. So for a writer, you might offer copies of your own books. You can promise to publicly thank patrons on your site or to market 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. Take a peek at the Patreon page to get Kinda Funny, an internet video company. They have over 6,209 patrons which means an average of only $3 a month are a monthly income of nearly $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 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. 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 tag on it. Then you simply run your advertising and market everything from your page on the worlds largest internet shopping site.
Amazon FBA gives 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 the pocket, so you can now begin for only a couple of thousand in inventory.
Ive got a few interviews on the site from people who have started shops through Amazon FBA. Some of them are making six-figure incomes in less than a year so $5,000 per month is easily attainable in less than that.
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Making legitimate passive income isnt as difficult as you may think. Some of the best passive income thoughts may take a little time to install but can begin money flowing within a few months and will offer a consistent monthly income for many years or longer. The most important point is simply to get started.
In part three of the series we'll discuss the differences between residual income and passive income. These two phrases are often used interchangeably, but in reality they are not the same thing. There are visit the website a number of similarities, but there are also some big differences between residual 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 that you earn without doing any job. Often times this money comes from investments of time or money that you have made. With passive income that the person does not need to be directly involved with all the money that they are making.
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Residual income includes payments you will get following a sale. Normally these payments are agreed upon in advance and will continue long after the purchase. A fantastic example of this is royalties that someone Clicking Here gets to get a movie or book. They only write the film 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 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 people use to earn residual income:
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-Selling products online: This is one of the most common methods to earn residual income. It normally involves a fee that has to be renewed each month per week, which will allow you to continue to make money after the initial sale.