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Our next passive income notion is another twist on crowdfunding known as Patreon. The website is promoted as a crowdfunding site for creative people like artists and writers but really its for anyone with a side-hustle notion.
Patreon is actually how the arts used to operate hundreds of years ago. 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 provides you the opportunity to get patrons to your own works. You build a community of people interested in your work, another use of a site that does double-duty with this passive income plan, 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 work. So to get a writer, you might offer copies of your books. You can promise to thank patrons on your site or to promote something of theirs in the future.
Even if each patron only contributes a very small amount each month, it can still be a massive source of income. Take a look at the Patreon site to get Kinda Funny, an internet video company. They have over 6,209 patrons that means an average of just $3 a month are a monthly income of nearly $19,000 and 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 through Amazon FBA. This is one of the very exciting income thoughts 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. 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 set your label on it. their explanation Then you just run your advertising and sell everything from the webpage 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 along with your name stitched across the pocket, so you can now begin for only a few thousand in inventory.
Ive got a few interviews on the site from people that have started stores 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 hard as you might think. Some of the best passive income thoughts might take a little time to set up but can begin money flowing within a few months and will offer a consistent monthly income for many years or more. The most important point is just to begin.
In part three of the series we will go over the differences between remaining income and passive income. These two phrases are often used interchangeably, but in fact they are not the same thing. There are a number of similarities, but there are also some large differences between residual income and passive income.Before I move onto a part of the Residual Income Series. .
First, lets take a peek at what passive income is. Passive income basically includes any money that you make without doing any job. Often times this money comes in investments of time or money which you've made. With passive income the person does not have to be involved with the money that they are making.
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Residual description income includes payments that you will receive following a purchase. Usually these payments have been agreed upon in advance and will continue long after the purchase. A good instance of this is royalties that someone gets for 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 make money from your work.
Earning income can eventually turn into passive income over time, as 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 needs to be renewed each month or week, which will make it possible for you to continue to create money after the initial sale.