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Our next passive income idea is another twist on crowdfunding called Patreon. The site is promoted as a crowdfunding site for creative people like artists and writers but really its for anyone with a side-hustle notion.
Patreon is actually how the arts used to operate hundreds of years ago. Back during the renaissance, artists used to ask the rich to be their patrons to support their work through regular contributions.
So now the website Patreon provides you the opportunity to get patrons to your own works. You construct a community of people interested in your job, another use of a site that does double-duty for this passive income plan, and then ask 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 the job. So for a writer, you might offer copies of your books. You could promise to 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 massive source of income. Have a peek at the Patreon site to get 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 almost $19,000 and they get cheerleaders which are always happy 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 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 solutions. 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 label on it. Then you simply run your advertising and sell everything from imp source the page on the worlds biggest 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 over Hasbro. Want a line of blue jeans along with your name stitched across the pocket, so you can now get started for only a couple of thousand in inventory.
Ive got a couple of interviews on the site from folks who have begun stores through Amazon FBA. A couple of them are making high-income 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. Some of the best passive income ideas might take a little time to set up but can begin cash flowing within a few months and will provide a consistent monthly income for many years or more. The most important point is simply to get started.
In part three of the series we'll go over the differences between remaining income and passive income. These two phrases are often used interchangeably, but in reality 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 proceed onto part of the Residual Income Series. .
First, lets have a look at what passive income is. Passive income essentially includes any money that you earn without doing any job. Often times this money comes from investments of time or money which you've already made. With passive income that the person does not have to be involved with the money they are making.
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Residual income includes payments that you will receive following a sale. Usually these payments have been agreed upon in advance and will continue long after the purchase. A good example of this is royalties that someone gets for 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 allows you to continue to create money from your job.
Earning income can eventually turn into passive income with 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 individuals 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 usually involves a fee which has to be renewed each month or week, which will make it possible for you to continue to make money after the initial sale.