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Our next passive income idea is another twist on crowdfunding called Patreon. The site is encouraged as a crowdfunding website 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 operate hundreds of years back. 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 gives you the opportunity to acquire patrons for your own works. You build a community of individuals interested in your work, another usage of a blog that does double-duty with this passive income strategy, and then request them to make contributions each time you produce something. .
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Now patrons dont come away empty-handed, you provide rewards and copies of this work. So to get a writer, you might offer copies of your books. You could promise to thank patrons on your site or to promote something of theirs in the long run.
Even if each patron only contributes a very small amount each month, it can still be a massive source of income. Have a peek at the Patreon site to get Kinda Funny, an internet movie company. They've over 6,209 patrons which means an average of only $3 a month are a monthly income of nearly $19,000 and they get cheerleaders which 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 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 solutions. With Amazon FBA, you contract with a manufacturer to ship everything straight to Amazon warehouses throughout 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 biggest internet shopping site.
Amazon FBA provides you the opportunity to compete with the biggest names in retail. Always wanted to start a toy company, proceed over Hasbro. Want a line of jeans with your name stitched across the pocket, so you can now begin for only a few thousand in inventory.
Ive got a few interviews on the blog from folks who have started shops through Amazon FBA. Some of them are making six-figure incomes in less than a year so $5,000 a month is readily attainable in less than that.
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Making legitimate passive income isnt as difficult as you may think. Some of the best passive income thoughts might take a little time to set up but can start cash flowing within a couple of months and will offer a consistent monthly income for years or more. The most important point is simply to get started.
In part three of this series we will discuss the differences between remaining income and passive income. Both of these terms are often used interchangeably, but in fact they are not the same thing. There are some similarities, but there are also some large differences between residual income and passive income.Before I move onto part of the Residual Income Series. .
First, lets have a look at what passive income is. Passive income basically includes any money that look at more info you make without doing any job. Often times this money comes in investments of time or money which you've made. With passive income that the person does not need to be involved with the money they are making.
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Residual income includes payments that you will receive after a purchase. Normally 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 movie or book. They only write the film or book once, but it can continue to be sold and resold again and again, which permits you to continue to create money from your work.
Earning 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 products online: This is one of the most common methods to earn residual income. It usually involves a fee which has to be renewed each month per week, which will make it possible for you to continue to create money after the initial sale.