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Our next passive income idea is another twist on crowdfunding known as Patreon. The site is promoted as a crowdfunding site 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 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 acquire patrons for your own works. You construct a community of people interested in your work, another use of a site that will double-duty with this passive income strategy, and then request them to make contributions each time you create something. .
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Now patrons dont come away empty-handed, you offer 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 blog or to market something of theirs in the long run.
Even if every patron only contributes a very small amount every month, it can still be a huge source of income. Take a look 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 are a monthly income of almost $19,000 plus they get cheerleaders that are always pleased to spread the word on their brand. .
Our past passive income source is creating your own brand and selling via Amazon FBA. This is one of the very exciting income thoughts 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 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 just run your advertising and market everything from the page on the worlds biggest internet shopping site.
Amazon FBA provides you the opportunity to compete with the biggest names in retail. Always wanted to start a toy company, proceed over Hasbro. Want a line of blue jeans along with your name stitched across the pocket, so you can now begin for just a couple of thousand in inventory.
Ive got a couple of browse around here interviews on the site from people that have started shops through Amazon FBA. Some of them are making six-figure incomes in less than a year so $5,000 a month is readily 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 thoughts might 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 get started.
In part three of this series we'll discuss 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 a number of similarities, but there are also some large differences between residual income and passive income income.Before I move onto a part of informative post the Residual Income Series. .
First, lets have a peek at what passive income is. Passive income basically includes any money you make without doing any job. Often times this money comes from investments of time or money which you've already made. With passive income the person does not need to be directly involved with all the money they are making.
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Residual income includes payments 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 for a movie or book. They only write the movie 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 work.
Earning income can eventually turn into passive income over time, since you can eventually earn money useful content without doing an excess 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 normally involves a fee which needs to be renewed each month per week, which will allow you to continue to make money after the initial sale.