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Our next passive income notion is another twist on crowdfunding called Patreon. The site is promoted as a crowdfunding website for creative people like artists and writers but its for anyone with a side-hustle notion.
Patreon is really how the arts used to operate hundreds of years back. Back during the renaissance, artists used to ask the rich to be 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 construct a community of individuals interested in your work, another use of a site that does double-duty for this passive income plan, and then request them to make contributions each 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 can promise to publicly thank patrons on your blog 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 huge source of income. Take a peek at the Patreon site to get Kinda Funny, an internet video company. They have over 6,209 patrons that means an average of only $3 a month are a monthly income of almost $19,000 and they get cheerleaders which are always pleased 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 most exciting income ideas Ive seen in years. Amazon FBA makes it effortless 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 solutions. Together 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, pack it and even put your tag on it. Then you just run your advertising and market everything from the page on the worlds largest internet shopping website.
Amazon FBA gives you the opportunity to compete with the biggest names in retailstores. Always wanted to start a toy company, move news over Hasbro. Want a line of blue 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 blog from people who have started shops through Amazon FBA. A couple of them are making high-income incomes in less than a year so $5,000 a month is readily attainable 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 ideas may take a little time to set up but can start 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 the series we'll discuss the differences between residual income and passive income. Both of these 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 large differences between remaining income and passive income income.Before I move onto a part of the Residual Income Series. .
First, lets have a peek at what passive income is. Passive income essentially includes any money you earn without doing any job. 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 the money that they are making.
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Residual income includes payments that you will get following a purchase. Normally these payments have been agreed upon in advance and will continue long after the purchase. A fantastic instance of this is royalties that someone gets to get a movie or book. They only write the film or book once, but it can continue to be sold and resold again and again, which allows you to continue to make money from your job.
Earning income can eventually turn into passive income over time, since you can eventually earn money without doing an excess work. .
Now that you know the differences between passive and residual income, It's time to learn about some of the most common methods people 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 normally involves a fee that has to be renewed each month or week, which will make it possible for you to continue to make money after the initial sale.