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Our next passive income idea is another twist on crowdfunding called Patreon. The site is encouraged as a crowdfunding website for creative people like artists and writers but its own for anyone with a side-hustle notion.
Patreon is actually how the arts used to operate hundreds of years ago. Back during the renaissance, artists utilized to ask the wealthy for their patrons to support their work through regular contributions.
So now the website Patreon provides you the opportunity to acquire patrons for your own works. You build a community of people interested in your work, another use of a blog that will double-duty for this passive income plan, and then ask them to make contributions every time you create something. .
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Now patrons dont come away empty-handed, you offer benefits and copies of this job. So for a writer, you could offer copies of your own books. You can 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 every month, it can still be a huge source of income. Have a look at the Patreon site for Kinda Funny, an internet video company. They have over 6,209 patrons which means an average of just $3 a month are a monthly income of nearly $19,000 and they get cheerleaders which 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 really is one of the most exciting income thoughts 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. Together with Amazon FBA, you contract with a manufacturer to ship everything directly to Amazon warehouses throughout the country.
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The manufacturer is going to put everything together, pack it and even set your label on it. Then you just run your advertising and market everything from the page on the worlds biggest internet shopping site.
Amazon FBA provides you the opportunity to compete with all the biggest names in retailstores. Always wanted to start a toy company, proceed over Hasbro. Want a line of blue jeans along with your name stitched across the pocket, so you can now get started for only a few thousand in inventory.
Ive got a few interviews on the site from folks who have begun stores through Amazon FBA. A couple of them are making six-figure incomes in less than a year so $5,000 a 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 thoughts might take a little time to set up but can begin money flowing within a couple of 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 this series we'll discuss the differences between remaining income and passive income. Both of these phrases are often used interchangeably, but in article reality they are not the exact same thing. There are a number of 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 have a look at what passive income is. Passive income basically includes any money that you make without doing any job. Often times this money comes from investments of time or money that you have already made. With read more passive income the person does not have to be involved with all the money they are making.
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Residual income includes payments that you will get following a purchase. Usually these payments have been agreed upon in advance and will continue long after the sale. A good example of this is royalties that someone gets for 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 work.
Earning income can eventually turn into passive income with 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 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.