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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 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 site Patreon provides you the opportunity to acquire patrons to your own works. You construct a community of people interested in your work, another usage of a blog that will double-duty for this passive income strategy, 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 benefits and copies of this work. So to get a writer, you could offer copies of your books. You can promise to thank patrons on your site or to market something of theirs in the long run.
Even if every patron only contributes a very small amount every month, it can still be a huge source of income. Take a peek at the Patreon site for Kinda Funny, an internet video company. They've over 6,209 patrons which means an average of only $3 a month are a monthly income of nearly $19,000 plus 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 through Amazon FBA. This really is one of the very 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 dollars 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 across the country.
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The manufacturer is going to put everything together, pack it and even put your label on it. Then you just run your advertising and sell everything from your webpage on the worlds largest 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, 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 a month is readily achievable in less than that.
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Making legitimate passive income isnt as difficult as you might think. A number of the very best passive income thoughts might take a little time to set up but can start money 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. Both of these terms are often used interchangeably, but in fact they are not the exact same thing. There are some similarities, but there are also some big differences between residual income and passive income income.Before I move onto part of the Residual Income Series. .
First, lets take a look at what passive income is. Passive income essentially includes any money you earn without doing any job. Often times this money comes in investments of time or money that you have already made. With passive income the person does not have see this site to be involved with all the money that they are making.
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Residual income includes payments that you will get following a purchase. Normally these payments are agreed upon in advance and will continue long after the sale. A fantastic 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 make money from your work.
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'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 check my blog month per week, which will allow you to continue to make money after the initial sale.