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Our next passive income idea is another twist on crowdfunding called Patreon. The website is promoted as a crowdfunding site for creative people like artists and writers but its own for anyone with a side-hustle notion.
Patreon is actually how the arts used to work hundreds of years back. 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 get patrons to your own works. You construct a community of individuals interested in your job, another use 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 offer benefits and copies of the work. So to get a writer, you might offer copies of your books. You could promise to publicly thank patrons on your blog or to market something of theirs in the future.
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 page to get Kinda Funny, an internet movie company. They've over 6,209 patrons that means an average of just $3 a month would be a monthly income of almost $19,000 and they get cheerleaders which are always happy to spread the word on their brand. .
Our past passive income source is creating your own brand and selling through Amazon FBA. This really is one of the most exciting income thoughts 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 dollars for manufacturing, marketing, logistics, everything that went into selling solutions. 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 tag on it. Then you just run your advertising and market everything from the page on the worlds largest internet shopping site.
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 jeans with your name stitched across the pocket, you can now begin for just a few thousand in inventory.
Ive got a few interviews on the blog from folks who have started stores through Amazon FBA. A couple of them are making six-figure incomes in less than a year therefore $5,000 a month is readily attainable in less than that.
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Making legitimate Residual Income In Mexico - Passive Residual Income passive income isnt as difficult as you may think. Some of the very best passive income thoughts might take a little time to set up but can begin cash flowing within a few months and will offer a consistent monthly income for years or longer. The most important go to my blog point is simply to get started.
In part three of this 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 exact same thing. There are some similarities, but there are also some big differences between residual income and passive income.Before I move onto a part of the Residual Income Series. .
First, lets take a look at what passive income is. Passive income essentially includes any money that you earn without doing any job. Often times this money comes from investments of time or money that you have already made. With passive income the person does not need to be directly involved with all the money they are making.
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Residual income includes payments that you will receive following a purchase. Usually these payments are agreed upon in advance and will continue long after the sale. A fantastic example of this is royalties that someone gets for a movie or book. They only write the movie or book once, but it can continue to be sold and resold again and again, which permits next you to continue to make money from your work.
Earning income can eventually turn into passive income over time, since 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 people use to earn residual income:
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-Selling products online: This is one of the most common ways to earn residual income. It usually involves a fee which has to be renewed each month or week, which will make it possible for you to continue to create money after the initial sale.