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Our next passive income notion is another twist on crowdfunding called 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 really how the arts used to work 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 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 blog that does double-duty for this passive income strategy, and then ask 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 the work. So to get a writer, you might offer copies of your own books. You can promise to publicly 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 huge source of income. Take a look at the Patreon page for Kinda Funny, an internet movie company. They have over 6,209 patrons which means an average of just $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 last passive income source is creating your own brand and selling via Amazon FBA. This really is one of the very 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. Together with Amazon FBA, you contract with a manufacturer to ship everything directly to Amazon warehouses throughout the country.
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The manufacturer is going to put everything together, package it and even put your tag on it. Then you simply run your advertising find out and sell everything from the webpage on the worlds biggest internet shopping site.
Amazon FBA provides you the opportunity to compete with all the biggest names in retailstores. Always wanted to start a toy company, move over Hasbro. Want a line of jeans along with your name stitched across the pocket, you can now get started for only a few thousand in inventory.
Ive got a few interviews on the blog from folks 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 readily achievable in less than that.
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Making valid passive income isnt as hard as you may think. A number of the very best passive income thoughts may take a little time to install but can begin money flowing within a couple of months and will provide a consistent monthly income for years or more. The most important point is simply to begin.
In part three of this series we will discuss the differences between residual income and passive income. These two phrases are often used interchangeably, but in reality they are not the same thing. There are some similarities, but there are also some big differences between residual income and passive income income.Before I move onto a part of the Residual Income Series. .
First, lets have a peek at what passive income is. Passive income essentially includes any money that you earn without doing any work. Often times this money comes in 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 they are making.
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Residual income includes payments you will receive following a purchase. Normally these payments are agreed upon in advance and will continue long after the sale. A good example 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 permits you to important site continue to create money from your work.
Residual income can eventually turn into passive income over time, since you can eventually earn money without doing an extra 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 ways to earn residual income. It usually involves a fee that needs to be renewed each month or week, which will allow you to continue to create money after the initial sale.