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Our next passive income idea is another twist on crowdfunding known as Patreon. The website is promoted as a crowdfunding site for creative people like artists and writers but its for anyone with a side-hustle notion.
Patreon is really how the arts used to work hundreds of years ago. 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 get patrons for your own works. You build a community of people interested in your job, another usage of a blog that will double-duty with this passive income plan, and then request them to make contributions each time you produce something. .
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Now patrons dont come off empty-handed, you provide benefits and copies of this job. So for a writer, you could offer copies of your own 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. Take a look at the Patreon page to get Kinda Funny, an internet video company. They've over 6,209 patrons which means an average of only $3 a month are a monthly income of almost $19,000 and they get cheerleaders which are always pleased to spread the word on their brand. .
Our past passive income source is creating your own brand and selling through Amazon FBA. This really 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. With Amazon FBA, you contract with a manufacturer to ship everything directly to Amazon warehouses across the country.
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The manufacturer is going to put everything together, pack it and even set your tag on it. Then you simply run your advertising and sell everything from your page on the worlds biggest internet shopping site.
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 blue jeans along with your name stitched across the pocket, you can now begin for only a few thousand in inventory.
Ive got a couple of interviews on the site from folks that have begun shops through Amazon FBA. Some of them are making six-figure incomes in less than a year so $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 best passive income thoughts might take a little time to set up but can start cash 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 will go over the differences between remaining income and passive income. These two terms are often used interchangeably, but in reality they are not the exact same thing. There are some similarities, but there are also some big differences between remaining income and passive income.Before I move 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 make without doing any work. Often times this money check over here comes from investments of time or money that you have already 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 sale. Usually these payments have been agreed upon in advance and will continue long after the purchase. 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 create money from your job.
Earning income can eventually turn into passive income over 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 ways to earn residual income. It usually involves a fee which has to be renewed each month or week, which will allow you to continue to create money after the initial sale.