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Our next passive income idea is another twist on crowdfunding known as Patreon. The site is encouraged as a crowdfunding website for creative people like artists and writers but its for anyone with a side-hustle idea.
Patreon is actually how the arts used to operate hundreds of years ago. Back during the renaissance, artists utilized to ask the rich 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 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 ask them to make contributions each time you create 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 can promise to thank patrons on your site or to promote 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. Take a peek at the Patreon site for 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 nearly $19,000 plus 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 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 was 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 send 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 look at this website your advertising and sell everything from the webpage on the worlds biggest internet shopping site.
Amazon FBA provides you the opportunity to compete with all the biggest names in retailstores. Always wanted to start a toy company, proceed over Hasbro. Want a line of jeans along with your name stitched across the pocket, so you can now get started for only a few thousand in inventory.
Ive got a few interviews on the blog from people that have begun shops through Amazon FBA. A couple of them are making six-figure incomes in less than a year so $5,000 per 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 thoughts might take a little time to install 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 go over the differences between residual 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 large differences between remaining income and passive income.Before I proceed onto a part of the Residual Income Series. .
First, lets have a peek at what passive income is. Passive income basically includes any money you make without doing any work. Often times this money comes in investments of time or money that you have made. With passive income the person does not need to be involved with the money that they are making.
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Residual income includes payments you will receive following a purchase. Usually these payments are agreed upon in advance and will continue long after the purchase. A fantastic example of this is royalties that someone gets for 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 create money from your job.
Residual 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 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 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 make money after the initial sale.