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Our next passive income idea is another twist on crowdfunding known as Patreon. The site is encouraged as a crowdfunding website for creative people like artists and writers but its own for anyone with a side-hustle notion.
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 gives you the opportunity to get patrons for your own works. You build 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 off empty-handed, you provide benefits and copies of the work. So to get a writer, you could offer copies of your own books. You can promise to publicly thank patrons on your blog or to market something of theirs in the future.
Even if every patron only contributes a very small amount every 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 which 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 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 used to be 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 send everything straight to Amazon warehouses across the country.
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The manufacturer is going to put everything together, package it and even set your tag on it. Then you simply run your advertising and market everything from the page on the worlds largest internet shopping site.
Amazon FBA provides you the opportunity to compete with the biggest names in retailstores. Always my site wanted to start a toy company, move over Hasbro. Want a line of jeans along with your name stitched across the pocket, so you can now begin for only a couple of thousand in inventory.
Ive got a couple of interviews on the blog from people that have begun shops through Amazon FBA. A couple of them are making high-income incomes in less than a year so $5,000 per month is easily attainable in less than that.
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Making valid passive income isnt as difficult as you might think. A number of the very best passive income thoughts might take a little time to install but can begin cash flowing within a few months and will offer a consistent monthly income for many years or more. The most important point is just to begin.
In part three of the series we'll discuss 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 big differences between remaining income and passive income income.Before I proceed onto a part of the Residual Income Series. .
First, lets have 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 in investments of time or money that you have made. With passive income the person does not need to be directly involved with all the money that they are making.
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Residual income includes payments you will get after a sale. Usually these payments have been agreed upon in advance and will continue long after the sale. A good instance 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 work.
Residual income can eventually turn into passive income with time, as 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 usually involves a fee which has to be renewed each month per week, which will make it possible for you to continue to make money after the initial sale.