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Our next passive income notion is another twist on crowdfunding called Patreon. The site is promoted as a crowdfunding site for creative people like artists and writers but its for anyone with a side-hustle idea.
Patreon is really how the arts used to operate hundreds of years ago. Back during the renaissance, artists used to ask the rich to be their patrons to support their work through regular contributions.
So now the website Patreon provides you the opportunity to get patrons to your own works. You construct a community of individuals interested in your work, another use of a site 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 off empty-handed, you offer rewards and copies of this job. So for a writer, you could offer copies of your own books. You can promise to thank patrons on your site or to promote something of theirs in the long run.
Even if every patron only contributes a very small amount each month, it can still be a huge source of income. Take a look at the Patreon page to get Kinda Funny, an internet video company. They have over 6,209 patrons that means an average of just $3 a month are a monthly income of nearly $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 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 throughout 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 just run your advertising and sell everything from your page on the worlds largest internet shopping site.
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 blue jeans with your name stitched across the pocket, you can now begin for only a few thousand in inventory.
Ive got a couple of interviews on the blog from folks who 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 easily achievable in less than that.
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Making legitimate passive income isnt as hard as you might think. Some of the best passive income ideas may take a little time to install but can begin cash flowing within a few months and will provide a consistent monthly income for many years or longer. The most important point is just to begin.
In part three of the series we will go over the differences between residual income and passive income. These two phrases are often used interchangeably, but in reality they are not the exact my response same thing. There are some similarities, but there are also some large differences between residual income and passive income income.Before I move onto part of the Residual Income Series. .
First, lets take a peek at what passive income is. Passive income basically includes any money you earn without doing any work. Often times this money comes in investments of time or money that you have made. With passive income that the person does not have to be involved with all the money they are making.
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Residual income includes payments that you will get after a sale. Normally these payments have been agreed upon in advance and will continue long after the sale. A good instance of this is royalties that someone gets to get 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 work.
Earning 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 is time to learn about some of the most common methods individuals 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 needs to be renewed each month per company website week, which will make it possible for you to continue to create money after the initial sale.