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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 for anyone with a side-hustle idea.
Patreon is actually how the arts used to work hundreds of years back. Back during the renaissance, artists utilized to ask the wealthy for their patrons to support their work through regular contributions.
So now the website Patreon provides you the opportunity to get patrons for your own works. You build a community of people interested in your job, another usage of a blog that will double-duty for this passive income plan, and then ask them to make contributions each time you create something. .
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Now patrons dont come away empty-handed, you provide rewards and copies of the job. So for a writer, you might offer copies of your own books. You can promise to thank patrons on your blog or to promote something of theirs in the future.
Even if every patron only contributes a very small amount each month, it can still be a huge source of income. Have a look at the Patreon site to get 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 almost $19,000 and they get cheerleaders that are always happy 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 very exciting income thoughts Ive seen in years. Amazon FBA makes it effortless to start your own retail company, to market your own products.
It was that you needed hundreds of thousands of bucks 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 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 simply run your advertising and sell everything from the page on the worlds biggest our website internet shopping site.
Amazon FBA gives 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 blue jeans along with your name stitched across the pocket, so you can now get started for just a couple of thousand in inventory.
Ive got a few interviews on the blog from folks that have begun stores through Amazon FBA. A couple of them are making six-figure incomes in less than a year so $5,000 per month is readily attainable in less than that.
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Making valid passive income isnt as hard as you may think. A number of the best passive income ideas might 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 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 fact they are not the exact same thing. There are a number of similarities, but there are also some big differences between residual income and passive income.Before I proceed onto a 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 from investments of time or money that you have already made. With passive income that the person does not need to be involved with the money they are making.
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Residual income includes payments you will receive following a sale. 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 to get a film or book. They only write the film or book once, but it can continue to be sold and resold again and again, which permits you to continue to make money from your job.
Earning income can 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 is 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 methods to earn residual income. It usually involves a fee which needs to be renewed each month or week, which will allow you to continue to create money after the initial sale.