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Our next passive income idea 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 for anyone with a side-hustle notion.
Patreon is really how the arts used to work hundreds of years ago. Back during the renaissance, artists used to ask the rich 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 construct a community of individuals interested in your work, another use of a blog that does double-duty with this passive income plan, and then request them to make contributions every time you produce something. .
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Now patrons dont come away empty-handed, you offer rewards and copies of this job. So to get a writer, you could offer copies of your own books. You can 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 huge source of income. Take a peek at the Patreon page for Kinda Funny, an internet video company. They've over 6,209 patrons that means an average of just $3 a month are a monthly income of almost $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 through Amazon FBA. This really is one of the most exciting income ideas Ive seen in years. Amazon FBA makes it effortless to start your own retail company, to sell 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, pack it and even put 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 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 jeans with your name stitched across the pocket, so you can now begin for only a couple of thousand in inventory.
Ive got a few interviews on the site from folks who have started shops through Amazon FBA. A couple of them are making six-figure 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 might think. Some of the very best passive income ideas may take a little time to set up but can start money flowing within a few months and will offer a consistent monthly income for many years or longer. The most important point is simply to begin.
In part three of this series we will go over 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.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 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 that the person does not have to be directly involved with the money they go right here are making.
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Residual income includes payments that you will receive after a purchase. Usually these payments are agreed upon in advance and will continue long after the purchase. A fantastic example 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 create money from your job.
Residual income can eventually turn into passive income with time, since 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 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 usually 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.