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Our next passive income idea is another twist on crowdfunding called Patreon. The website 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 used to ask the rich to be their patrons to support their work through regular contributions.
So now the site Patreon gives you the opportunity to get patrons to your own works. You build a community of people interested in your work, another usage of a site that will double-duty with this passive income strategy, and then ask them to make contributions each time you produce something. .
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Now patrons dont come away empty-handed, you offer benefits and copies of this work. So for a writer, you might offer copies of your 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 to get Kinda Funny, an internet video company. They have over 6,209 patrons which means an average of just $3 a month are a monthly income of nearly $19,000 and they get cheerleaders which are always happy to spread the word on their brand. .
Our last 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 bucks for manufacturing, marketing, logistics, everything that went into selling solutions. Together with Amazon FBA, you contract with a manufacturer to ship that site everything straight to Amazon warehouses across the country.
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The manufacturer is going to put everything together, pack it and even put your label on it. Then you simply run your advertising and market everything from your page 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, proceed over Hasbro. Want a line of blue jeans with your name stitched across the pocket, you can now get started for only a couple of thousand in inventory.
Ive got a few interviews on the blog from people who have started stores through Amazon FBA. A couple of them are making high-income incomes in less than a year so $5,000 per month is easily achievable in less than that.
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Making valid passive income isnt as difficult as you might think. A number of the best passive income ideas may take a little time to install but can begin cash flowing within a few months and will offer a consistent monthly income for years or more. The most important point is simply to get started.
In part three of this series we'll discuss the differences between residual 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 large differences between residual income and passive income income.Before I proceed onto part of the Residual Income Series. .
First, check my source lets take a peek 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 that you have already made. With passive income that the person does not need to be directly involved with all the money they are making.
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Residual income includes payments that you will receive after a sale. 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 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 work.
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 individuals use to earn residual income:
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-Selling goods online: This is one of the most common methods to earn residual income. It normally involves a fee which has to be renewed each month per week, which will allow you to continue to create money company website after the initial sale.