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Our next passive income idea is another twist on crowdfunding called Patreon. The site is encouraged 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 used to ask the wealthy to be their patrons to support their work through regular contributions.
So now the website Patreon gives you the opportunity to get patrons for your own works. You construct a community of people interested in your job, another use of a site that will double-duty for 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 offer rewards and copies of this work. So for a writer, you might offer copies of your books. You can promise to publicly thank patrons on your site or to market something of theirs in the future.
Even if every patron only contributes a very small amount every month, it can still be a huge source of income. Have a peek at the Patreon page to get Kinda Funny, an internet video company. They have over 6,209 patrons which means an average of only $3 a month would be a monthly income of almost $19,000 and 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 through Amazon FBA. This really is one of the most exciting income ideas Ive seen in years. Amazon FBA makes it easy to start your own retail company, to sell your own products.
It was 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 everything straight to Amazon warehouses across 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 just run your advertising and market everything from the webpage on the worlds largest 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 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. Some of them are making high-income incomes in less than a year so $5,000 per month is readily attainable in less than that.
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Making valid passive income isnt as difficult as you might think. A number of the very best passive income ideas might take a little time to set up but can start cash flowing within a few months and will provide a consistent monthly income for years or more. The most important point is just to begin.
In part three of the series we'll discuss the differences between residual income and passive income. Both of these phrases are often used interchangeably, but in reality they are not the same thing. There are some similarities, but there are also some large differences between residual income and passive income.Before I move onto part of the Residual Income Series. .
First, lets take a peek at what passive income is. Passive income basically includes any money that you make without doing any work. Often times this money comes from investments of time or money which you've made. With passive income that the person does not have to be directly involved with the money that they are making.
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Residual income includes payments you will get following a purchase. Normally these payments have been agreed upon in advance and will continue long after the sale. A good example of this is royalties that someone gets for 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 allows you to continue to create money from your job.
Earning income can eventually turn into passive income with 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 products online: This is one of the most common methods to earn residual income. It normally involves a fee that has to be renewed this content each month per week, which will allow you to continue to make money after the initial sale.