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Our next passive income notion is another twist on crowdfunding called Patreon. The site 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 actually how the arts used to operate hundreds of years back. Back during the renaissance, artists utilized 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 get patrons to your own works. You build a community of people interested in your work, another use of a blog that does double-duty for this passive income plan, and then ask them to make contributions each time you produce 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 could promise to thank patrons on your blog or to market something of theirs in the long run.
Even if each patron only contributes a very small amount each month, it can still be a huge source of income. Have a look at the Patreon page for Kinda Funny, an internet video company. They have over 6,209 patrons which means an average of just $3 a month would be a monthly income of nearly $19,000 plus they get cheerleaders that are always happy 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 dollars 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 set your tag on it. Then you just run your advertising and sell everything from the check over here webpage on the worlds biggest internet shopping website.
Amazon FBA provides you the opportunity to compete with all the biggest names in retailstores. 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 just a couple of thousand in inventory.
Ive got a couple of interviews on the site from people that have started shops through Amazon FBA. A couple of them are making six-figure incomes in less than a year therefore $5,000 a month is easily achievable in less than that.
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Making legitimate passive income isnt as difficult as you may think. Some of the best passive income ideas might take a little time to set up but can start money flowing within a couple of months and will provide a consistent monthly income for many years or longer. The most important point is simply to get started.
In part three of the series we will go over the differences between residual income and passive income. These two phrases why not try these out are often used interchangeably, but in fact 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 a part of the Residual Income Series. .
First, lets take a peek at what passive income is. Passive income essentially includes any money that 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 after a purchase. Usually these payments are agreed upon in advance and will continue long after the sale. A good example of this is royalties that someone gets for a movie 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 create money from your job.
Residual income can eventually turn into passive income over time, as 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 products online: This is one of the most common methods to earn residual income. It normally 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.