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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 rich to be their patrons to support their work through regular contributions.
So now the site Patreon gives you the opportunity to get patrons for your own works. You build a community of individuals interested in your job, another use of a site that will double-duty with this passive income plan, and then request 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 work. So to get a writer, you could offer copies of your books. You can promise to publicly thank patrons on your blog or to market something of theirs in the future.
Even if each patron only contributes a very small amount each month, it can still be a huge source of income. Take a look at the Patreon page to get Kinda Funny, an internet movie company. They've over 6,209 patrons that means an average of just $3 a month are a monthly income of almost $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 market your own products.
It used to be 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 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 just run your advertising and great site market everything from the webpage on the worlds largest internet shopping website.
Amazon FBA gives 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 jeans with your name stitched across the pocket, you can now get started for just a few thousand in inventory.
Ive got a few interviews on the blog from folks that have started shops through Amazon FBA. A couple of them are making high-income incomes in less than a year so $5,000 a month is easily attainable in less than that.
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Making legitimate passive income isnt as difficult as you might think. A number of the very best passive income ideas might take a little time to set up but can start money flowing within a few months and will provide a consistent monthly income for years or more. The most important point is just to get started.
In part three of this series we will go over the differences between remaining income and passive income. Both of these phrases are often used interchangeably, but in fact they are not the exact same thing. There are some similarities, but there are also some big differences between remaining income and passive income income.Before I move onto a part of the Residual Income Series. .
First, lets have a look at what passive income is. Passive income basically discover here includes any money you make without doing any job. Often times this money comes in investments of time or money that you have made. With passive income that the person does not have to be involved with the money that they are making.
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Residual income includes payments that you will receive following a purchase. Normally these payments are agreed upon in advance and will continue long after the sale. A good instance of this is royalties that someone gets for a film or book. They only write the film 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 job.
Earning income can eventually turn into passive income with click for source 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 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 usually involves a fee that has to be renewed each month or week, which will allow you to continue to make money after the initial sale.