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Our next passive income notion is another twist on crowdfunding known as Patreon. The website is promoted as a crowdfunding website 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 for their patrons to support their work through regular contributions.
So now the website Patreon gives you the opportunity to acquire patrons for your own works. You build a community of people interested in your job, another usage of a blog that will double-duty for this passive income plan, and then request them to make contributions each time you produce something. .
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Now patrons dont come away empty-handed, you offer rewards and copies of the job. So for a writer, you could offer copies of your books. You could promise to publicly thank patrons on your site or to market something of theirs in the future.
Even if each patron only contributes a very small amount every month, it can still be a huge source of income. Have a peek at the Patreon page to get Kinda Funny, an internet video company. They've over 6,209 patrons that means an average of only $3 a month are 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 through Amazon FBA. This is one of the most 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 ship everything straight to Amazon warehouses across the country.
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The manufacturer is going to put everything together, package it and even set your tag on it. Then you simply 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 retail. Always wanted to start a toy company, move over Hasbro. Want a line of blue jeans with your name stitched across the pocket, so you can now get started for just a few thousand in inventory.
Ive got a couple of interviews on the site 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 easily attainable in less than that.
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Making valid passive income isnt as difficult as you might think. A number of the best passive income ideas may take a little time to set up but can start cash flowing within a few months and will offer a consistent monthly income for years or more. The most important point is just to begin.
In part three of the series we will discuss 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 big differences between residual income and passive income.Before I proceed onto a part of the Residual Income Series. .
First, lets take a peek at what passive income is. Passive income essentially 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 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 that you will receive following a sale. Normally these payments are agreed upon in advance and these details will continue long after the purchase. A fantastic instance of this is royalties 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 allows you to continue to make money from your job.
Earning income can eventually turn into passive income with time, as 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 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 normally involves Residual Income In Mexico a fee which has to be renewed each month or week, which will allow you to continue to create money after the initial sale.