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Our next passive income notion is another twist on crowdfunding called Patreon. The website is encouraged as a crowdfunding site for creative people like artists and writers but its own 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 wealthy for their patrons to support their work through regular contributions.
So now the site Patreon gives you the opportunity to acquire patrons to your own works. You build a community of people interested in your work, another use of a site that does 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 rewards and copies of this job. So to get a writer, you could offer copies of your own books. You could promise to thank patrons on your site or to market 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 peek 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 would be a monthly income of almost $19,000 plus 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 is one of the most 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 products. Together 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, package it and even set your tag on it. Then you just run your advertising and sell everything from the page on the worlds largest internet shopping site.
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 jeans 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 people that have begun stores through Amazon FBA. A couple of them are making six-figure 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 might think. Some of the best passive income thoughts may take a little time to install but can start cash flowing within a couple of months and will offer a consistent monthly income for many years or longer. The most important point is simply to begin.
In part three of the series we'll go over the differences between residual income and passive income. Both of these phrases are often used interchangeably, but in fact they are not the same thing. There are some similarities, but there are also some big 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 you make without doing any job. Often times this money comes from investments of time or money which you've made. With passive income the person does not have to be directly involved with all the money that they are making.
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Residual income includes payments that you will get following a purchase. Normally these payments are agreed upon in advance and will try this out continue long after the sale. A good instance of this is royalties that someone gets to get a film 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 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 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 needs to be renewed each month or week, which will allow you to continue to make money after the initial sale.