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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 for anyone with a side-hustle idea.
Patreon is actually how the arts used to work hundreds of years back. Back during the renaissance, artists used to ask the wealthy to be 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 construct a community of people interested in your work, another usage of a blog that will double-duty for this passive income plan, and then ask 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 job. 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 future.
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 page to get Kinda Funny, an internet video company. They have over 6,209 patrons which means an average of only $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 easy 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 send everything straight to Amazon warehouses across 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 website.
Amazon FBA provides you the opportunity to compete with the biggest names in retail. Always wanted to start find a toy company, move over Hasbro. Want a line of blue jeans with your name stitched across the pocket, you can now begin for just 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 so $5,000 a month is easily attainable in less than that.
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Making legitimate passive income isnt as difficult as you may think. A number of the very best passive income ideas might take a little time to set up but can start cash flowing within a couple of months and will offer a consistent monthly income for years or more. The most important point is just to begin.
In part three of the series we will discuss the differences between residual income and passive income. These two phrases are often used interchangeably, but in reality they are not the same thing. There are some similarities, but there are also some large differences between useful content remaining 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 work. Often times this money comes in investments of time or money which you've made. With passive income the person does not have to be involved with all the money they are making.
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Residual income includes payments that you will receive following a sale. Normally these payments have been agreed upon in advance and will continue long after the purchase. A fantastic example of this is royalties that someone gets for a movie or book. They only write the movie 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, since you can eventually earn money without doing an extra work. .
Now that you know the differences between passive and residual income, it is 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 normally involves a fee which needs to be renewed each month per week, which will allow you to continue to create money after the initial sale.