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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 really its for anyone with a side-hustle notion.
Patreon is really how the arts used to work hundreds of years ago. Back during the renaissance, artists used to ask the rich for their patrons to support their work through regular contributions.
So now the site Patreon gives you the opportunity to get patrons for your own works. You build a community of people interested in your job, another usage of a blog that will double-duty for this passive income plan, and then request them to make contributions each time you create 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 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. Have a look at the Patreon page to get Kinda Funny, an internet video company. They've over 6,209 patrons that means an average of just $3 a month are a monthly income of almost $19,000 and 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 through 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 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. With Amazon FBA, you contract with a manufacturer to send everything directly to Amazon warehouses throughout 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 simply run your advertising and sell everything from the page 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 blue jeans along with your name stitched across the pocket, you can now begin for just a few thousand in inventory.
Ive got a few interviews on the site from people that have begun stores through Amazon FBA. Some of them are making anonymous six-figure incomes in less than a year so $5,000 per month is readily 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 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 more. The most important point is just to get started.
In part three of the series we'll go over the differences between residual income and passive income. These two terms 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 large differences between residual income and passive income income.Before I move onto a part of the Residual Income Series. .
First, lets have a peek at what passive income is. Passive income essentially includes any money that you earn without doing any work. Often times this money comes from investments of time or money that you have already made. With passive income the person does not have to be directly 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 have been agreed upon in advance and will continue long after the purchase. A fantastic instance 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 permits you to continue to create money from your work.
Residual income can eventually turn into passive income over time, since 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 people use to earn residual income:
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-Selling goods online: This is one of the most common ways to earn residual income. It normally 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.