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Our next passive income idea is another twist on crowdfunding called Patreon. The site 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 back. Back during the renaissance, artists used to ask the wealthy for their patrons to support their work through regular contributions.
So now the site Patreon provides you the opportunity to get patrons to your own works. You build a community of individuals interested in your job, another use of a blog that will double-duty with this passive income plan, and then ask them to make contributions each time you produce something. .
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Now patrons dont come away empty-handed, you offer benefits and copies of this job. So to get a writer, you might offer copies of your books. You could promise to thank patrons on your blog or to promote something of theirs in the long run.
Even if every patron only contributes a very small amount each month, it can still be a huge source of income. Have a peek at the Patreon page for Kinda Funny, an internet movie company. They have over 6,209 patrons that means an average of just $3 a month would be a monthly income of nearly $19,000 plus 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 via Amazon FBA. This really is one of the very 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 bucks for manufacturing, marketing, logistics, everything that went into selling products. Together 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, pack it and even set your tag on it. Then you just run your advertising and market everything from the webpage on the worlds biggest internet shopping website.
Amazon FBA gives you view publisher site the opportunity to compete with the biggest names in retailstores. Always wanted to start a toy company, proceed over Hasbro. Want a line of jeans along Continue 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 blog from folks that have begun stores through Amazon FBA. Some of them are making high-income incomes in less than a year therefore $5,000 per month is readily 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 ideas might take a little time to install but can begin money 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 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 move onto a part of the Residual Income Series. .
First, lets have a look at what passive income is. Passive income basically includes any money you make without doing any job. Often times this money comes from investments of time or money that you have made. With passive income that the person does not have to be directly involved with all the money that they are making.
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Residual income includes payments that you will get after a purchase. Usually these payments are agreed upon in advance and will continue long after the purchase. A good instance of this is royalties that someone gets for 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.
Residual 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 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 methods to earn residual income. It usually involves a fee which has to be renewed each month per week, which will allow you to continue to create money after the initial sale.