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Our next passive income notion is another twist on crowdfunding called Patreon. The site is promoted as a crowdfunding website for creative people like artists and writers but really 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 rich for their patrons to support their work through regular contributions.
So now the website Patreon provides you the opportunity to get patrons for your own works. You construct a community of people interested in your job, another usage of a site that does double-duty with this passive income strategy, and then ask them to make contributions every time you produce something. .
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Now patrons dont come off empty-handed, you provide benefits and copies of this job. So for a writer, you might offer copies of your 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 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 have over 6,209 patrons which means an average of just $3 a month would be 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 through Amazon FBA. This is one of the most exciting income thoughts 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. With Amazon FBA, you contract with a manufacturer to ship everything directly to Amazon warehouses across the country.
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The manufacturer is going to put everything together, package it and even set your tag on it. Then you simply run your advertising and sell everything from your page on the worlds biggest internet shopping website.
Amazon FBA provides you the opportunity to compete with all the biggest names in retail. 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 couple of thousand in inventory.
Ive got a few interviews on the site from folks who 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 easily achievable in less than that.
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Making legitimate passive income view it isnt as hard as you may think. Some of the very best passive income ideas might take a little time to install but can start cash flowing within a couple of months and will provide a consistent monthly income for years or longer. The most important point is just to get started.
In part three of the series we'll 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 remaining income and passive income income.Before I move onto a part of the Residual Income Series. .
First, lets have a look at what passive income is. Passive income essentially includes any money that you make without doing any job. Often times this money comes from investments of time or money which you've already made. With passive income the person does not need to be directly involved with all the money that they are making.
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Residual income includes payments you will get after 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 continue reading this again, which allows you to continue to create money from your job.
Residual income can eventually Read More Here 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 people use to earn residual income:
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-Selling goods online: This is one of the most common methods 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.