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Our next passive income notion is another twist on crowdfunding known as Patreon. The site is promoted as a crowdfunding website for creative people like artists and writers but its for anyone with a side-hustle notion.
Patreon is really how the arts used to work hundreds of years back. Back during the renaissance, artists used to ask the wealthy for their patrons to support their work through regular contributions.
So now the site Patreon provides you the opportunity to get 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 request them to make contributions every time you create something. .
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Now patrons dont come off empty-handed, you offer benefits and copies of this job. So to get a writer, you might offer copies of your books. You could promise to thank patrons on your blog or to promote something of theirs in the future.
Even if every 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 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 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 bucks 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 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 market everything from the page on the worlds biggest internet shopping website.
Amazon FBA gives you the opportunity to compete with the biggest names in retail. Always wanted to start a you could try this out toy company, move over Hasbro. Want a line of blue jeans along 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 stores through Amazon FBA. A couple of them are making high-income incomes in less than a year therefore $5,000 per month is easily attainable in less than that.
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Making legitimate passive income isnt as difficult as you might think. A number of the best passive income ideas may take a little time to set up but can start cash flowing within a few months and will offer a consistent monthly income for many years or longer. The most important point is just to get started.
In part three of the series we will discuss the differences between residual income and passive income. Both of these phrases are often used interchangeably, but in fact they are not the exact same thing. There are a number of similarities, but there are also some big differences between remaining income and passive income income.Before I move onto part of the Residual Income Series. .
First, lets take a peek at what passive income is. Passive income basically includes any money that you earn without doing any job. Often times this money comes in investments of time or money which you've already 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 you will receive following a sale. Normally these payments have been agreed upon in advance and will continue long after the purchase. A good example of this is click here now 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 make money from your job.
Residual income can eventually turn into passive income with 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 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 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.