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Our next passive income notion is another twist on crowdfunding called Patreon. The website is promoted as a crowdfunding website for creative people like artists and writers but its for anyone with a side-hustle idea.
Patreon is actually how the arts used to operate hundreds of years ago. 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 gives you the opportunity to acquire patrons to your own works. You construct a community of people interested in your work, another usage of a site that does double-duty for this passive income plan, and then request them to make contributions each time you produce something. .
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Now patrons dont come off empty-handed, you offer benefits and copies of this work. So to get a writer, you could offer copies of your books. You could promise to publicly thank patrons on your site 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. Take a peek at the Patreon site for Kinda Funny, an internet video company. They've over 6,209 patrons which means an average of only $3 a month are a monthly income of nearly $19,000 and they get cheerleaders which 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 really 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 bucks for manufacturing, marketing, logistics, everything that went into selling solutions. 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, pack it and even set your tag on it. Then you simply run your advertising and sell everything from your webpage on the worlds largest internet shopping website.
Amazon FBA gives 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 jeans with your name stitched across the pocket, so you can now begin for just a couple of thousand in inventory.
Ive got a few interviews on the blog from folks who have started shops through Amazon FBA. Some of them are making six-figure incomes in less than a year therefore $5,000 a month is readily achievable in less than that.
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Making valid passive income isnt as difficult as you may think. A number of the very best passive income ideas may take a little time to set up but can begin money flowing within a few months and will provide a consistent monthly income for years or longer. The most important point is simply to get started.
In part three of this series we will go over the differences between remaining income and passive income. Both of these terms are often used interchangeably, but in fact they are not the exact same thing. There are some similarities, but there are also some large differences between residual income and passive income.Before I proceed onto a part read here of the Residual Income Series. .
First, lets have a look 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 made. With passive income that the person does not have to be directly involved with all the money that they are making.
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Residual income includes payments that you will receive after a sale. Usually these payments are agreed upon in advance and will continue long after the sale. A good 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 over 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 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 usually involves a fee that needs to be renewed each month per week, which will make it possible for you to continue to make money after the initial sale.