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Our next passive income idea is another twist on crowdfunding known as Patreon. The website is encouraged 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 utilized to ask the wealthy for their patrons to support their work through regular contributions.
So now the site 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 blog that does double-duty with 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 rewards and copies of the job. So to get a writer, you could offer copies of your own books. You could promise to thank patrons on your blog or to market something of theirs in the future.
Even if each patron only contributes a very small amount every month, it can still be a massive source of income. Take a look at the Patreon page to get Kinda Funny, an internet video company. They've over 6,209 patrons that means an average of only $3 a month are a monthly income of nearly $19,000 plus they get cheerleaders which are always happy 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 most 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 send 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 the page on the worlds biggest internet shopping site.
Amazon FBA gives you the opportunity to compete with the biggest names in retail. Always review wanted to start a toy company, move over Hasbro. Want a line of jeans with your name stitched across the pocket, you can now get started for just a few thousand in inventory.
Ive got a couple of interviews on the blog from folks who 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 easily attainable in less than that.
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Making legitimate passive income isnt as difficult as you may think. Some of the very best passive income ideas might take a little time to set up but can begin money flowing within a couple of 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 discuss the differences between residual income and passive income. Both of these 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 remaining income and passive income.Before I proceed 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 earn without doing any work. Often times this money comes in investments of time or money which you've already made. With passive income the person does not need to be directly involved with the money that they are making.
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Residual income includes payments you will get after a sale. Normally these payments are agreed upon in advance and will continue long after the sale. A fantastic example of this is royalties that go someone gets for a film or book. They only write the movie or book once, but it can continue to be sold and resold again and again, which permits you to continue to make money from your job.
Earning 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's time to learn about some of the most common methods people 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 normally involves a fee which has to be renewed each month per week, which will allow you to continue to make money after the initial sale.