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Our next passive income idea is another twist on crowdfunding known as Patreon. The site is encouraged as a crowdfunding website for creative people like artists and writers but its own for anyone with a side-hustle notion.
Patreon is really how the arts used to operate hundreds of years ago. Back during the renaissance, artists utilized to ask the wealthy for their patrons to support their work through regular contributions.
So now the site Patreon provides you the opportunity to acquire patrons for 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 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 offer rewards and copies of this work. So to get a writer, you might offer copies of your own books. You could promise to thank patrons on your site or to market 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. Have a peek at the Patreon site to get Kinda Funny, an internet movie company. They've 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 which 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 solutions. With Amazon FBA, you contract with a manufacturer to send everything directly 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 sell everything from your page 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, move over Hasbro. Want a line of jeans along with your name stitched across the pocket, you can now get started for only a couple of thousand in inventory.
Ive got a few interviews on the blog from folks that have started stores through Amazon FBA. A couple of them are making six-figure incomes in less than a year therefore $5,000 a 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 best passive income thoughts might take a little time to install but can start money flowing within a few months and will offer a consistent monthly income for years or longer. The most important point is simply to begin.
In part three of this series we'll discuss the differences between remaining income and passive income. Both of these terms are often used interchangeably, but in reality they are not the same thing. There are a number of similarities, but there are also some large differences my review here between 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 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 involved with the money they are making.
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Residual income includes payments that you will get following a purchase. Normally these payments are agreed upon in advance and will continue long after the purchase. A fantastic example of this is royalties that someone gets to get 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 job.
Earning income can eventually 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 is 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 usually involves a fee which needs to be renewed each month or week, which will allow you to continue to create money after the initial sale.