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Our next passive income idea is another twist on crowdfunding called Patreon. The site is promoted as a crowdfunding site 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 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 provides you the opportunity to acquire patrons to your own works. You construct a community of individuals interested in your job, another usage of a blog that does double-duty for this passive income strategy, and then ask them to make contributions each time you create something. .
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Now patrons dont come away empty-handed, you provide rewards and copies of the work. So to get a writer, you could offer copies of your books. You could 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. Have a look at the Patreon site for Kinda Funny, an internet video company. They have over 6,209 patrons which means an average of just $3 a month are a monthly income of almost $19,000 and they get cheerleaders that are always pleased to spread the word on their brand. .
Our past 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 easy to start your own retail company, to market your own products.
It used to be 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 ship 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 label on it. Then you just run your advertising and why not try this out sell everything from your page on the worlds biggest internet shopping site.
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 jeans along with your name stitched across the pocket, you can now begin 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 high-income incomes in less than a year so $5,000 a month is readily achievable in less than that.
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Making valid passive income isnt as difficult as you may think. Some of the best passive income thoughts may take a little time to set up but can start money flowing within a couple of months and will offer a consistent monthly income for years or longer. The most important point is simply to get started.
In part three of this series we'll go over the differences between residual income and passive income. These two 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 residual income and check out this site passive income.Before I proceed onto a part of the Residual Income Series. .
First, lets have a look at what passive income is. Passive income basically includes any money you make without doing any work. Often times this money comes from investments of time or money that you have already made. With passive income that the person does not have 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. Usually these payments have been agreed upon in advance and will continue long after the purchase. A fantastic instance of this is royalties click site 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 permits you to continue to make money from your job.
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 is 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 ways to earn residual income. It normally involves a fee which has to be renewed each month or week, which will make it possible for you to continue to make money after the initial sale.