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Our next passive income notion is another twist on crowdfunding known as Patreon. The site is promoted as a crowdfunding site for creative people like artists and writers but its 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 used to ask the rich to be their patrons to support their work through regular contributions.
So now the site Patreon provides you the opportunity to get patrons for your own works. You construct a community of individuals interested in your job, another usage of a site that does 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 away empty-handed, you offer rewards and copies of the work. 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 every patron only contributes a very small amount each month, it can still be a massive source of income. Take a peek at the Patreon site for Kinda Funny, an internet movie company. They have over 6,209 patrons that means an average of just $3 a month are a monthly income of nearly $19,000 plus they get cheerleaders that 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 is one of the very exciting income thoughts Ive seen in years. Amazon FBA makes it effortless 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. 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 put your tag on it. Then you simply run your advertising and sell everything from your webpage on the my explanation worlds biggest internet shopping site.
Amazon FBA provides you the opportunity to compete with the biggest names in retail. Always wanted to start a toy company, move over Hasbro. Want a line of jeans along with your name stitched across the pocket, you can now begin for just a couple of thousand in inventory.
Ive got a couple of interviews on the blog from people who 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 easily attainable in less than that.
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Making legitimate passive income isnt as hard as you might think. Some of the best passive income ideas might take a little time to install but can begin money 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 begin.
In part three of the series we will go over the differences between remaining income and passive income. These two terms are often used interchangeably, but in reality they are not the same thing. There are a number of similarities, but there are also some big differences between residual income and passive income.Before I move onto part of the Residual Income Series. .
First, lets have a peek at what passive income is. Passive income essentially includes any money you make without doing any work. Often times this money comes from investments of time or money that you have made. With passive income that the person does not need to be involved with all the money they are making.
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Residual income includes payments you will receive after a purchase. Normally 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 movie 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 create money from your job.
Residual income can eventually turn into passive income over time, since 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 goods online: This is one of the most common ways to earn residual income. It usually involves a fee that has to be renewed each month or week, which will allow you to continue to make money after the initial sale.