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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 notion.
Patreon is really how the arts used to operate hundreds of years ago. Back during the renaissance, artists utilized 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 acquire patrons to your own works. You construct a community of individuals interested in your work, another use of a site that does double-duty with this passive income strategy, and then request them to make contributions every time you create something. .
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Now patrons dont come away empty-handed, you provide benefits and copies of the work. So to get a writer, you might offer copies of your books. You could promise to thank patrons on your blog or to promote something of theirs in the future.
Even if each patron only contributes a very small amount each month, it can still be a huge source of income. Take a peek at the Patreon page for Kinda Funny, an internet movie company. They have over 6,209 patrons which means an average of just $3 a month would be 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 through Amazon FBA. This really is one of the most exciting income ideas Ive seen in years. Amazon FBA makes it easy to start your own retail company, to sell your own products.
It used to be 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 ship everything straight to Amazon warehouses across the country.
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The manufacturer is going to put everything together, pack it and even put your label on it. Then you simply run your advertising and sell everything from your page on the worlds largest internet shopping website.
Amazon FBA provides 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 along with your name stitched across the pocket, you can now get started for just a few thousand in inventory.
Ive got a couple of interviews on the site from people who have started stores through Amazon FBA. Some of them are making six-figure incomes in less than a year therefore $5,000 a month is easily achievable in less than that.
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Making valid passive income isnt as hard as you may think. Some of the best passive income thoughts may take a little time to set up but can begin cash flowing within a couple of months and will provide a consistent monthly income for years or more. 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 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 like it peek at what passive income is. Passive income basically includes any money that you make without doing any work. Often times this money comes from investments of time or money that you have made. With passive income the person does not need to be involved with all the money that they are making.
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Residual income includes payments you will receive following a purchase. Normally these payments are agreed upon in advance and will continue long after the sale. A good instance of this is royalties that someone gets for a Full Article 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.
Earning 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's 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.