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Our next passive income idea is another twist on crowdfunding known as Patreon. The website is encouraged as a crowdfunding site for creative people like artists and writers but really its own for anyone with a side-hustle notion.
Patreon is actually how the arts used to work hundreds of years ago. Back during the renaissance, artists used to ask the rich for their patrons to support their work through regular contributions.
So now the site Patreon gives you the opportunity to get patrons to your own works. You build a community of individuals interested in your work, another usage of a blog that does double-duty for 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 offer benefits and copies of this work. So for a writer, you could offer copies of your books. You could promise to thank patrons on your site 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. Have a peek at the Patreon site for Kinda Funny, an internet video 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 which 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 really is one of the most exciting income thoughts Ive seen in years. Amazon FBA makes it effortless to start your own retail company, to market 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, package it and even set your tag on it. Then you just run your advertising and market everything from your page on the worlds biggest internet shopping website.
Amazon FBA gives you the opportunity to compete with all the biggest names in retail. Always wanted to start a toy company, proceed over Hasbro. Want a line of blue jeans along with your name stitched across the pocket, you can now begin for just a couple of thousand in inventory.
Ive got a few interviews on the blog from folks that have started stores through Amazon FBA. A couple 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 might think. A number 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 just advice to begin.
In part three of the series we'll go over the differences between residual income and passive income. These two terms are often used interchangeably, but in reality 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 part of the Residual Income Series. .
First, lets take a peek at what passive income is. Passive income essentially includes any money you make without doing any work. Often times this money comes from investments of time or money that you have already made. With passive income the person does not have to be directly involved with the money that they are making.
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Residual income includes payments that you will receive following a sale. Normally these payments are agreed upon in advance and will continue long after the sale. A fantastic instance 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.
Residual income can eventually turn into passive income with 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 people use to earn residual income:
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-Selling products 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.