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Our next passive income idea is another twist on crowdfunding called Patreon. The site is promoted as a crowdfunding website for creative people like artists and writers but its for anyone with a side-hustle idea.
Patreon is actually how the arts used to operate hundreds of years back. Back during the renaissance, artists utilized to ask the rich for 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 construct a community of people interested in your work, another usage of a blog that does double-duty with this passive income strategy, and then ask them to make contributions each time you create something. .
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Now patrons dont come away empty-handed, you provide benefits and copies of this work. So to get a writer, you might offer copies of your own books. You could promise to publicly thank patrons on your blog 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 massive source of income. Take a peek at the Patreon site for Kinda Funny, an internet video company. They've over 6,209 patrons which means an average of only $3 a month would be a monthly income of nearly $19,000 and they get cheerleaders that are always pleased to spread the word on their brand. .
Our last passive income source is creating your own brand and selling through 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 sell 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 ship everything straight to Amazon warehouses throughout 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 simply run your advertising and market everything from the webpage on the worlds largest internet shopping site.
Amazon FBA gives you the opportunity to compete with the biggest names in retail. Always wanted to start check my site a toy company, proceed over Hasbro. Want a line of blue jeans with your name stitched across the pocket, you can now begin for just a few thousand in inventory.
Ive got a couple of interviews on the blog from people that 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 difficult as you may think. Some of the best passive income thoughts might take a little time to set up but can begin cash flowing within a few months and will offer a consistent monthly income for years or longer. The most important point is just to get started.
In part three of the series we will go over the differences between residual 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 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 work. Often times this money comes in investments of time or money that you have made. With passive income that the person does not have to be involved with the money that they are making.
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Residual income includes payments that you will receive following a purchase. Usually 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 movie 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 make 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 discover here 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 that has to be renewed each month or week, which will allow you to continue to make money after the initial sale.