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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 for anyone with a side-hustle idea.
Patreon is really how the arts used to work hundreds of years back. Back during the renaissance, artists utilized to ask the wealthy to be their patrons to support their work through regular contributions.
So now the website Patreon gives you the opportunity to get patrons to your own works. You build a community of people interested in your job, another usage of a blog that does double-duty for this passive income plan, and then request them to make contributions each time you produce something. .
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Now patrons dont come away empty-handed, you provide benefits and copies of the job. So for a writer, you might offer copies of your own books. You could promise to publicly thank patrons on your site or to promote something of theirs in the long run.
Even if each patron only contributes a very small amount each month, it can still be a massive source of income. Take a peek at the Patreon page for Kinda Funny, an internet movie company. They have over 6,209 patrons that means an average of only $3 a month would be a monthly income of nearly $19,000 plus they get cheerleaders which are always happy to spread the word on their brand. .
Our last passive income source is creating your own brand and selling via Amazon FBA. This 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 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 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 gives you the opportunity to compete with the biggest names in retailstores. Always wanted to start a toy company, move over Hasbro. Want a line of jeans with your name stitched across the pocket, so you can now begin for only a couple of thousand in inventory.
Ive got a couple of interviews on the site from folks that have begun stores through Amazon FBA. Some of them are making high-income 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 difficult as you may think. Some of the very best passive income thoughts may take a little time to set up but can start money flowing within a few months and will offer a consistent monthly income for many years or longer. The most important point is just to begin.
In part three of this series we'll go over the differences between residual income and passive income. These two phrases are often used interchangeably, but in fact they are not the same thing. There are some similarities, but there are also some large differences between remaining income and passive income income.Before I proceed onto part of the Residual Income published here Series. .
First, lets take a look at what passive income is. Passive income essentially includes any money that you earn without doing any work. 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 the money they are making.
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Residual income includes payments that you will receive after 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 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 make money from your work.
Earning income can eventually turn into passive income with 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 methods to earn residual income. It normally involves a fee that needs to be renewed each month per week, which will allow you to continue to make money after the initial sale.