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Our next passive income notion is another twist on crowdfunding called Patreon. The website is encouraged as a crowdfunding site for creative people like artists and writers but really its own for anyone with a side-hustle idea.
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 site Patreon gives you the opportunity to acquire patrons to your own works. You build a community of people interested in your work, another usage of a blog that will double-duty for this passive income strategy, and then ask them to make contributions every time you produce something. .
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Now patrons dont come away empty-handed, you offer benefits and copies of the work. So for a writer, you could offer copies of your own books. You can promise to publicly thank patrons on your blog 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. Have a peek at the Patreon page to get Kinda Funny, an internet video company. They have over 6,209 patrons which means an average of only $3 a month are a monthly income of almost $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 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 was that you needed hundreds of thousands of dollars for manufacturing, marketing, logistics, everything that went into selling products. 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, pack it and even set your tag you can try here on it. Then you simply run your advertising and sell everything from your page on the worlds largest 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, proceed over Hasbro. Want a line of jeans along with your name stitched across the pocket, you can now get started for only a few thousand in inventory.
Ive got a few interviews on the blog from people who have started shops through Amazon FBA. A couple of them are making high-income incomes in less than a year therefore $5,000 per month is easily achievable in less than that.
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Making legitimate passive income isnt as hard as you may 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 offer a consistent monthly income for many 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 remaining income and passive income. These two terms are often used interchangeably, but in fact they are not the same thing. There are some similarities, check over here but there are also some large differences between residual income and passive income.Before I proceed onto a part of the Residual Income Series. .
First, lets take a look 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 made. With passive income that the person does not need to be involved with all the money that they are making.
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Residual income includes payments that you will get following a sale. Usually these payments have been agreed upon in advance and will continue long after the purchase. A good instance of this is royalties that someone gets to get 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 permits you to continue to create money from your job.
Earning income can eventually turn into passive income over time, as you can eventually earn money without doing an extra 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 allow you to continue to make money after the initial sale.