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Our next passive income idea is another twist on crowdfunding known as Patreon. The site is encouraged as a crowdfunding website for creative people like artists and writers but really 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 to be 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 usage of a blog that will double-duty with this passive income strategy, and then ask them to make contributions every time you produce something. .
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Now patrons dont come off empty-handed, you provide rewards and copies of the job. So to get a writer, you could offer copies of your own books. You could promise to publicly thank patrons on your site or to promote something of theirs in the future.
Even if every patron only contributes a very small amount every month, it can still be a massive source of income. Take a look at the Patreon page for Kinda Funny, an internet video 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 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 very 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 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 provides you the opportunity to compete with all the biggest names in retail. Always wanted to start a toy company, move over Hasbro. Want a line of jeans along with your name stitched across the pocket, so you can now begin for just a few thousand in inventory.
Ive got a few interviews on the blog my website from people who have begun shops through Amazon FBA. Some of them are making six-figure incomes in less than a year so $5,000 a month is easily achievable in less than that.
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Making valid passive income isnt as hard as you may think. Some of the best passive income ideas might take a little time to set up but can begin money flowing within a few months and will provide a consistent monthly income for years or more. 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 terms are often used interchangeably, but in reality they are not the same thing. There are a number of similarities, but there are also some large differences between remaining income and passive income income.Before I move onto part of the Residual Income Series. .
First, lets take a peek at what passive income is. Passive income essentially includes any money you earn without doing any job. Often times this money comes from investments of time or money that you have already made. With passive income that the person does not need to be involved with all the money they are making.
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Residual income includes payments you will get after a purchase. 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 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 create money from your work.
Earning income can eventually turn into passive income with time, as 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 look at here is one of the most common methods to earn residual income. It usually involves a fee which has to be renewed each month per week, which will allow you to continue to create money after the initial sale.