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Our next passive income idea is another twist on crowdfunding known as Patreon. The site is promoted as a crowdfunding site for creative people like artists and writers but really 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 used to ask the wealthy to be their patrons to support their work through regular contributions.
So now the website Patreon gives you the opportunity to get patrons to your own works. You build a community of individuals interested in your job, another usage of a blog that does double-duty with this passive income strategy, and then request them to make contributions each time you create something. .
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Now patrons dont come away empty-handed, you provide benefits and copies of the work. So for a writer, you might offer copies of your own books. You could promise to publicly thank patrons on your blog or to promote something of theirs in the future.
Even if each 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 to get Kinda Funny, an internet movie company. They have over 6,209 patrons that means an average of just $3 a month are a monthly income of almost $19,000 plus they get cheerleaders that are always happy 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 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. 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 put your tag on it. Then you just run your advertising and market everything from the 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 blue jeans with your name stitched across the pocket, so you can now get started for only a few thousand in inventory.
Ive got a couple of interviews on the site from people who have started stores through Amazon FBA. Some of them are making six-figure incomes in less than a year therefore $5,000 per month is easily achievable in less than that.
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Making legitimate passive income isnt as hard as you might think. A number of the very best passive income thoughts might take a little time to install but can begin cash flowing within a few months and will offer a consistent monthly income for many years or more. The most important point is simply to get started.
In part three of the series we will go over the differences between residual income and passive income. Both of these terms are often used interchangeably, but in fact they are not the exact her comment is here same thing. There are some similarities, but there are also some large differences between residual income and passive income income.Before I move onto part of the Residual Income Series. .
First, lets have a look at what passive income is. useful reference Passive income essentially includes any money you earn without doing any work. Often times this money comes in investments of time or money that you have made. With passive income that the person does not have to be involved with the money they are making.
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Residual income includes payments you will receive following a purchase. Usually these payments are agreed upon in advance and will continue long after the purchase. 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.
Earning income can eventually turn into passive income with time, since you can eventually earn money without doing an excess work. view .
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 ways to earn residual income. It usually 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.