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Our next passive income notion is another twist on crowdfunding known as Patreon. The site is promoted as a crowdfunding site 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 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 website Patreon provides 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 every time you produce something. .
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Now patrons dont come away empty-handed, you offer rewards 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 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 look at the Patreon page to get Kinda Funny, an internet movie company. They have over 6,209 patrons that means an average of only $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 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 sell your own products.
It was 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 ship everything straight to Amazon warehouses throughout the country.
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The manufacturer is going to put everything together, package it and even set your label on it. Then you simply run your advertising and sell everything from the webpage on the worlds largest internet shopping website.
Amazon FBA gives you the opportunity to compete with all the biggest names in retailstores. Always wanted to start a toy company, proceed over Hasbro. Want a line of jeans along with your name stitched across the pocket, you can now useful reference get started for only a few thousand in inventory.
Ive got a couple of interviews on the blog from folks that have started shops through Amazon FBA. Some of them are making six-figure incomes in less than a year therefore $5,000 per month is easily attainable in less than that.
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Making valid passive income isnt as hard as you might think. Some of the best passive income ideas might take a little time to set up but can start money flowing within a couple of months and will offer a consistent monthly income for many years or longer. The most important point is just to get started.
In part three of this series we will 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 some similarities, but there are also some large differences between residual income and passive income.Before I move onto part of the Residual Income Series. .
First, lets take a look at what passive income is. Passive income basically includes any money that you earn without doing any job. Often times this money comes from investments of time or money which you've 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 you will receive following a sale. 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 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 permits you to continue to create money from your work.
Earning income can eventually turn into passive income over time, since 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 that has to be renewed each month or week, which will allow you to continue to create money after the initial sale.