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Our next passive income notion is another twist on crowdfunding known as Patreon. The website is promoted as a crowdfunding website for creative people like artists and writers but really its own for anyone with a side-hustle idea.
Patreon is really how the arts used to operate hundreds of years ago. Back during the renaissance, artists used to ask the rich to be their patrons to support their work through regular contributions.
So now the site Patreon gives you the opportunity to acquire patrons for your own works. You build a community of individuals interested in your work, another use of a blog that will double-duty for this passive income strategy, and then ask them to make contributions each time you create something. .
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Now patrons dont come off empty-handed, you offer rewards and copies of this job. So for a writer, you might offer copies of your own books. You can promise to publicly thank patrons on your blog or to market something of theirs in the long run.
Even if each patron only contributes a very small amount each month, it can still be a huge source of income. Have a peek at the Patreon site for Kinda Funny, an internet movie company. They've over 6,209 patrons which means an average of just $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 last passive income source is creating your own brand and selling via Amazon FBA. This is one of the very exciting income thoughts 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 dollars for manufacturing, marketing, logistics, everything that went into selling products. Together with Amazon FBA, you contract with a manufacturer to send everything straight to Amazon warehouses throughout the country.
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The manufacturer is going to put everything together, package it and even put your tag on it. Then you just run your advertising and market everything from your webpage on the worlds biggest internet shopping website.
Amazon FBA provides 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 blue jeans along with your name stitched across the pocket, you can now get started 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 a month is easily attainable in less than that.
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Making legitimate passive income isnt as hard as you may think. Some of the very best passive income thoughts might take a little time to set up but can start cash flowing within a couple of months and will provide a consistent monthly income for years or longer. The most important point is simply to begin.
In part three of this series we'll go over the differences between residual income and passive income. Both of these phrases are often used interchangeably, but in fact they are not the exact same thing. There are some similarities, but there are also some big differences between residual income and passive income.Before I proceed onto part of the Residual Income Series. .
First, lets have a description peek at what passive income is. Passive income essentially includes any money that you make without doing any work. Often times this money comes in investments of time or money that you have already made. With passive income that the person does not have to be involved with all the money they are making.
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Residual income includes payments that you will receive following a sale. Usually these payments are agreed upon in advance and will continue long after the sale. A good instance of this is royalties that 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 allows you to continue to make money from your work.
Residual income can check my source 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's time to learn about some of the most common methods individuals 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 normally involves a fee which has to be renewed each month or week, which will allow you to continue to create money after the initial sale.