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Our next passive income notion is another twist on crowdfunding known as Patreon. The website is promoted as a crowdfunding site for creative people like artists and writers but its for anyone with a side-hustle idea.
Patreon is really how the arts used to operate hundreds of years back. 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 gives you the opportunity to acquire patrons for your own works. You build a community of people interested in your job, another usage of a blog that will 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 off empty-handed, you provide benefits and copies of the job. So to get a writer, you might offer copies of your own books. You could promise to publicly thank patrons on your site 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 site to get Kinda Funny, an internet video company. They have over 6,209 patrons that means an average of just $3 a month are a monthly income of almost $19,000 and they get cheerleaders that are always happy 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 most exciting income thoughts Ive seen in years. Amazon FBA makes it easy to start your own retail company, to market 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 ship 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 simply run your advertising and sell everything from the page on the worlds biggest internet shopping website.
Amazon FBA gives you the opportunity to compete with the biggest names in retail. Always wanted to start a toy company, proceed over Hasbro. Want a line of jeans with your name stitched across the pocket, so you can now get started for only a few thousand in inventory.
Ive got a couple of interviews on the site from people that have begun shops through Amazon FBA. Some of them are making high-income incomes in less than a year so $5,000 per month is readily attainable in less than that.
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Making legitimate passive income isnt as hard as you might think. A number of the very best passive income thoughts may take a little time to set up but can start cash flowing within a few months and will provide 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 go over the differences between remaining income and passive income. These two 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 income.Before I proceed 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 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 have to be involved with the money they are making.
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Residual income includes payments you will receive following a purchase. Normally these payments have been 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 allows you to continue to create money from your job.
Earning 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 is 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 that has to be renewed each month per week, which will make it possible for you to continue to make money official site after the initial sale.