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Our next passive income notion is another twist on crowdfunding known as Patreon. The site 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 really how the arts used to operate hundreds of years back. 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 acquire patrons to your own works. You build a community of people interested in your work, another usage of a site that does double-duty for this passive income strategy, and then request them to make contributions each time you produce 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 might offer copies of your own books. You could promise to thank patrons on your site or to market 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. Have a look at the Patreon site for Kinda Funny, an internet video company. They've over 6,209 patrons that means an average of only $3 a month would be a monthly income of nearly $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 via Amazon FBA. This really is one of the very exciting income ideas 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. 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 put your tag on it. Then you just run your advertising and market everything from the page on the worlds biggest internet shopping site.
Amazon FBA provides you the opportunity to compete with all the biggest names in retail. Always wanted check out here to start a toy company, move over Hasbro. Want a line of jeans with your name stitched across the pocket, so you can now get started for only a couple of thousand in inventory.
Ive got a few interviews on the blog from folks that have started 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. Some of the very best passive income ideas 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 simply to begin.
In part three of this 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 same thing. There are a number of 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 have a peek at what passive income is. Passive income essentially includes any money that you earn without doing any job. Often times this money comes in investments of time or money that you have made. With passive income 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 fantastic 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 create money from your work.
Residual income can eventually turn into passive income over 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 goods online: This is one of the most common methods to earn residual income. It usually involves a fee that needs to be renewed each month per week, which will allow you to continue to create money after the initial sale.