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Our next passive income idea is another twist on crowdfunding called Patreon. The website is promoted as a crowdfunding site for creative people like artists and writers but really its own for anyone with a side-hustle notion.
Patreon is really how the arts used to work hundreds of years back. Back during the renaissance, artists utilized to ask the rich for 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 build a community of people interested in your work, another use of a blog that will double-duty for this passive income strategy, and then request them to make contributions each time you produce something. .
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Now patrons dont come away empty-handed, you provide benefits and copies of this work. So for a writer, you could offer copies of your own books. You could promise to thank patrons on your blog or to promote something of theirs in the long run.
Even if each patron only contributes a very small amount each month, it can still be a massive source of income. Have a look at the Patreon site to get Kinda Funny, an internet video company. They have over 6,209 patrons which means an average of just $3 a month would be a monthly income of almost $19,000 and they get cheerleaders which are always pleased to spread the word on their brand. .
Our past 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 sell your own products.
It was 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 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 label on it. Then you just run your advertising and sell everything from the page on the worlds largest internet shopping website.
Amazon FBA gives you the opportunity to compete with all the biggest names in retailstores. Always wanted to start a toy company, move over Hasbro. Want a line of jeans with your name stitched across the pocket, so you can now begin for just a couple of thousand in inventory.
Ive got a few interviews on the blog from folks who 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 readily achievable in less than that.
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Making legitimate passive income isnt as difficult as you might think. Some of the very best passive income ideas may take a little time to set up but can begin cash flowing within a couple of months and will offer a consistent monthly income for many years or longer. The most important point is just to get started.
In part three of this 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 residual income and passive income income.Before I move onto part of the Residual Income Series. .
First, lets take a peek at what passive income is. Passive income essentially includes any money that you earn without doing any job. Often times this money comes in investments of time or money which you've made. With passive income the person does not need to be involved with all the money that they are making.
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Residual income includes payments that you will receive after a sale. Usually these payments are agreed upon in advance and will continue long after the purchase. A good example of this is royalties that someone gets to get 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 allows you to continue to create money from your job.
Residual 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's 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 usually involves a fee which has to be renewed each month try these out per week, which will allow you to continue to create money after the initial sale.