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Our next passive income notion is another twist on crowdfunding known as Patreon. The website is promoted as a crowdfunding site for creative people like artists and writers but its for anyone with a side-hustle notion.
Patreon is actually how the arts used to work hundreds of years ago. Back during the renaissance, artists utilized 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 does double-duty with this passive income plan, 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 work. So for a writer, you might offer copies of your books. You can promise to thank patrons on your site or to promote something of theirs in the long run.
Even if each patron only contributes a very small amount each month, it can still be a huge source of income. Have a look at the Patreon page to get 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 almost $19,000 plus they get cheerleaders which 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 is one of the most exciting income ideas Ive seen in years. Amazon FBA makes it effortless to start your own retail company, to market 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. Together with Amazon FBA, you contract with a manufacturer to ship everything straight to Amazon warehouses throughout the country.
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The manufacturer is going to put everything together, package it and even set your label on it. Then you simply 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 all the biggest names in retail. Always wanted to start a toy company, proceed over Hasbro. Want a line of blue jeans with your name stitched across the pocket, you can now get started for only a couple of thousand in inventory.
Ive got a couple of interviews on the blog from people who have begun stores through Amazon FBA. A couple of them are making high-income incomes in less than a year therefore $5,000 a month is easily attainable in less than that.
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Making legitimate passive income isnt as difficult as you might think. Some of the best passive income thoughts might take a little time to set up but can start money flowing within a couple of months and will provide a consistent monthly income for many years or longer. The most important point is simply to begin.
In part three of this series we will go over the differences between remaining income and passive income. Both of these phrases are often used interchangeably, but in fact they are not the same thing. There are some similarities, but there are also some big differences between residual income and passive income income.Before I my blog proceed onto a part of the Residual Income Series. .
First, lets have a peek 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 which you've made. With passive income the person does not need to 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 have been agreed upon in advance and will continue long after the purchase. A fantastic instance of this is royalties that someone gets to get a movie 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 job.
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's 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 methods to earn residual income. It normally involves a fee that needs to be renewed each month per week, which will make it possible for you to continue to create money after the initial sale.