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Our next passive income notion is another twist on crowdfunding called Patreon. The website is promoted 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 rich for 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 construct a community of individuals interested in your job, another use of a blog that will double-duty with this passive income strategy, and then request them to make contributions each time you create something. .
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Now patrons dont come away empty-handed, you provide benefits and copies of the work. So to get a writer, you might offer copies of your books. You can promise to thank patrons on your blog or to promote something of theirs in the long run.
Even if every patron only contributes a very small amount every month, it can still be a massive source of income. Take a look at the Patreon page for Kinda Funny, an internet video company. They have over 6,209 patrons which means an average of only $3 a month would be a monthly income of almost $19,000 plus they get cheerleaders that are always happy to spread the word on their brand. .
Our last passive income source is creating your own brand and selling through Amazon FBA. This really is one of the most exciting income thoughts Ive seen in years. Amazon FBA makes it effortless 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. 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 set your label on it. Then you simply run your advertising and market everything from your page on the check that worlds largest internet shopping website.
Amazon FBA gives you the opportunity to compete with all 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 get started for just a few thousand in inventory.
Ive got a couple of interviews on the blog from folks that 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 might think. Some of the very best passive income ideas may take a little time to set up 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'll discuss the differences between remaining income and passive income. These two terms are often used interchangeably, but in reality 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 proceed onto part of the Residual Income Series. .
First, lets have a peek at what passive income is. Passive income essentially includes any money you make without doing any work. Often times this money comes in investments of time or money which you've made. With passive income that the person does not have to be directly involved with the money they are making.
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Residual income includes payments you will receive after a sale. Usually these payments have been agreed upon in advance and will continue long after the purchase. A fantastic 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 allows you to continue to create money from your job.
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's 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 that needs to be renewed each month per week, which will allow you to continue to make money after the initial sale.