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Our next passive income notion is another twist on crowdfunding called Patreon. The site is promoted as a crowdfunding site for creative people like artists and writers but really its own for anyone with a side-hustle idea.
Patreon is actually how the arts used to work hundreds of years ago. Back during the renaissance, artists utilized to ask the wealthy to be their patrons to support their work through regular contributions.
So now the website Patreon gives you the opportunity to acquire patrons to your own works. You build a community of people interested in your work, another usage of a site that does double-duty for this passive income plan, and then request them to make contributions each time you create something. .
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Now patrons dont come off empty-handed, you offer benefits and copies of the work. So to get a writer, you might offer copies of your books. You can promise to publicly thank patrons on your blog 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 look at the Patreon page for Kinda Funny, an internet movie company. They have over 6,209 patrons which means an average of only $3 a month would be a monthly income of nearly $19,000 plus they get cheerleaders which are always pleased 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 very exciting income ideas 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 bucks 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, pack it and even put your tag on it. Then you just run your advertising and market everything from your webpage on the worlds largest internet shopping site.
Amazon FBA provides you the opportunity to compete with the biggest names in retailstores. Always wanted to start a toy company, move over Hasbro. Want a line of blue jeans along with your name stitched across the pocket, so you can now get started for only a couple of thousand in inventory.
Ive got a couple of interviews on the site from folks that have begun shops through Amazon FBA. A couple of them are making high-income incomes in less than a year therefore $5,000 a month is readily attainable in less than that.
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Making legitimate passive income isnt as hard as you may think. A number of the best passive income ideas might take a little time to install but can begin additional resources cash 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 get started.
In part three of this series we will discuss the differences between remaining income and passive income. Both of these phrases are often used interchangeably, but in fact they are not the exact same thing. There are a number of 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 peek at what passive income is. Passive income basically includes any money that you make without doing any work. Often times this money comes from investments of time or money that you have already made. With passive income the person does not have to be directly involved with the money that they are making.
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Residual income includes payments you will receive following a sale. Normally these payments have been agreed upon in advance and will continue long after the sale. A good 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 create money from your job.
Earning income can eventually turn into passive income with time, as 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 people use to earn residual income:
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-Selling goods online: This is one of the most common ways to earn residual income. It usually involves a fee which has to be renewed each month or week, which will make it possible for you to continue to create money after the initial sale.