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Our next passive income idea is another twist on crowdfunding called Patreon. The website is promoted as a crowdfunding website for creative people like artists and writers but its own for anyone with a side-hustle idea.
Patreon is really how the arts used to work 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 construct a community of people interested in your job, another usage of a site that will double-duty for this passive income strategy, and then request them to make contributions every time you create something. .
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Now patrons dont come away empty-handed, you provide benefits and copies of the job. So for 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 future.
Even if every patron only contributes a very small amount each month, it can still be a huge source of income. Take a look at the Patreon page for Kinda Funny, an internet video company. They've over 6,209 patrons which means an average of only $3 a month would be a monthly income of nearly $19,000 and they get cheerleaders which are always pleased to spread the word on their brand. .
Our last passive income source is creating your own brand and selling via Amazon FBA. This really is one of the very exciting income ideas Ive seen in years. Amazon FBA makes it easy to start your own retail company, to market 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 send 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 label on it. Then you just run your advertising and market everything from your webpage on the worlds largest internet shopping site.
Amazon FBA provides you the opportunity to compete with the biggest names in retailstores. Always wanted to start a toy company, move over Hasbro. Want a line of jeans with your name stitched across the pocket, so you can now get started for just a couple of thousand in inventory.
Ive got a couple of interviews on the blog from folks that have begun shops through Amazon FBA. Some of them are making high-income incomes in less than a year therefore $5,000 per month is readily attainable in less than that.
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Making legitimate passive income isnt as difficult as you may think. Some of the very best passive income thoughts 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 begin.
In part three of the series we will discuss the differences between remaining income and passive income. These two phrases 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 remaining income and passive income.Before I move onto a part of the Residual Income Series. .
First, lets have a look at what passive income is. Passive income basically includes any money 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 useful content be involved with the money they are making.
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Residual income includes payments that you will receive after a sale. Usually these payments are agreed upon in advance and will continue long after the sale. 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 make money from your work.
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 is time to learn about some of the most common methods people use to earn residual income:
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-Selling products online: This is one of the most common ways to earn residual income. It normally involves a fee that has to be renewed each month or week, which will allow you to continue to make money after the initial sale.