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Our next passive income notion is another twist on crowdfunding known as Patreon. The website is promoted as a crowdfunding website for creative people like artists and writers but really its own 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 wealthy to be their patrons to support their work through regular contributions.
So now the website Patreon provides you the opportunity to acquire patrons to your own works. You build a community of people interested in your job, another usage of a blog that will 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 off empty-handed, you offer rewards and copies of this work. So for a writer, you might offer copies of your books. You can promise to publicly thank patrons on your site or to market something of theirs in the future.
Even if each patron only contributes a very small amount each month, it can still be a massive source of income. Take a look at the Patreon site for Kinda Funny, an internet movie company. They have over 6,209 patrons that means an average of just $3 a month are 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 is one of the very 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. With Amazon FBA, you contract with a manufacturer to send everything directly to Amazon warehouses throughout the country.
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The manufacturer is going to put everything together, package it and even put your tag on it. Then you simply run your advertising and market everything from the webpage 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 just a couple of 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 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. A number of the best passive income thoughts may take a little time to set up but can begin money flowing within a few months and will offer a consistent monthly income for many years or more. The most important point is just to get started.
In part three of the series we'll go over the differences between residual income and passive income. These two terms are often used interchangeably, but in reality they are not the same thing. There are a number of similarities, but there are also some large differences between residual income and passive income income.Before I proceed onto part of the Residual Income Series. .
First, lets have a peek at what passive income is. Passive income essentially includes any money that you earn 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 have to be directly involved with all the money that they are making.
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Residual income includes payments that you will receive following a sale. Normally these payments are agreed upon in advance and will continue long after the purchase. A fantastic example 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 work.
Residual 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 see it here 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 goods 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 allow you to continue to make money after the initial sale.