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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 really its for anyone with a side-hustle notion.
Patreon is really how the arts used to work 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 website Patreon gives you the opportunity to acquire patrons to your own works. You build a community of people interested in your job, another use of a blog that does double-duty for this passive income strategy, and then request them to make contributions each time you create something. .
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Now patrons dont come away empty-handed, you offer benefits and copies of the job. So to get a writer, you might offer copies of your own books. You could promise to thank patrons on your site or to market something of theirs in the long run.
Even if every 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 movie company. They have over 6,209 patrons which means an average of only $3 a month would be a monthly income of nearly $19,000 plus 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 via 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 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 ship everything straight to Amazon warehouses across the country.
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The manufacturer is going to put everything together, pack it and even put your tag on it. Then you simply run your advertising and sell everything from your page on the worlds largest internet shopping website.
Amazon FBA provides 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 jeans with your name stitched across the pocket, so you can now begin for only a couple of thousand in inventory.
Ive got a couple of interviews on the blog from folks who have begun stores through Amazon FBA. A couple of them are making high-income incomes in less than a year therefore $5,000 a month is readily achievable in less than that.
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Making legitimate passive income isnt as hard as you might think. A number of the best passive income ideas may take a little time to install but can begin cash flowing within a couple of months and will offer a consistent monthly income for many years or longer. The most important point is just to get started.
In part three of this series we'll go over the differences between remaining income and passive income. Both of these terms are often used interchangeably, but in reality they are not the same thing. There are some similarities, but there are also some large differences between remaining income and passive income income.Before I move onto part of the Residual Income Series. .
First, lets have a peek at what passive income is. Passive income essentially includes any money you earn without doing any job. Often times this money comes from investments of time or money which you've already 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 get following a purchase. Usually these payments have been agreed upon in advance and will continue long after the purchase. A fantastic example of this is royalties that someone gets to get 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 job.
Residual income can eventually turn into passive income with 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 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 More Help a fee that needs to be renewed each month or week, which will allow you to continue to create money after the initial sale.