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Our next passive income idea is another twist on crowdfunding known as Patreon. The site is encouraged as a crowdfunding website for creative people like artists and writers but really its own for anyone with a side-hustle idea.
Patreon is really how the arts used to operate hundreds of years ago. Back during the renaissance, artists used to ask the wealthy to be their patrons to support their work through regular contributions.
So now the website Patreon provides you the opportunity to acquire patrons for your own works. You build a community of individuals interested in your job, another use of a blog that will double-duty for this passive income strategy, and then request them to make contributions every time you produce something. .
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Now patrons dont come off empty-handed, you offer rewards and copies of the work. So for a writer, you might offer copies of your own books. You could promise to thank patrons on your blog 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. Have a look at the Patreon site 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 that 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 ideas Ive seen in years. Amazon FBA makes it easy to start your own retail company, to sell your own products.
It used to be that you needed hundreds of thousands of bucks 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 across the country.
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The manufacturer is going to put everything together, package it and even put your label on it. Then you simply run your advertising and sell everything from the page on the worlds largest internet shopping website.
Amazon FBA provides you the opportunity to compete with 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 get started for only a couple of thousand in inventory.
Ive got a couple of interviews on the site from folks that have begun shops through Amazon FBA. Some of them are making six-figure incomes in less than a year therefore $5,000 per month is easily attainable in less than that.
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Making valid passive income isnt as hard as you may think. A number of the best passive income ideas may take a little time to set up but can begin cash flowing within a few months and will provide a consistent monthly income for many years or more. The most important point is simply to get started.
In part three of the that site series we will discuss the differences between residual income and passive income. Both of these terms are often used interchangeably, but in reality they are not the exact same thing. There are some similarities, but there are also some large differences between residual income and passive income income.Before I proceed onto part of the Residual Income Series. .
First, lets have a look at what passive income is. Passive income basically includes view publisher site any money that you earn without doing any work. Often times this money comes from investments of time or money that you have made. With passive income the person does not need to be involved with the money that they are making.
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Residual income includes payments that you will get following a sale. Usually these payments have been agreed upon in advance and will continue long after the purchase. A good example 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 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 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 goods online: This is one of the most common methods to earn residual income. It usually involves a fee that needs to be renewed each month per week, which will allow you to continue to make money after try this out the initial sale.