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Our next passive income notion is another twist on crowdfunding known as Patreon. The website is promoted as a crowdfunding site for creative people like artists and writers but really its own 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 utilized to ask the rich for their patrons to support their work through regular contributions.
So now the site Patreon provides you the opportunity to get patrons for your own works. You construct a community of individuals interested in your job, another use of a site that does double-duty for this passive income plan, and then ask 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 this job. So to get a writer, you could offer copies of your books. You could promise to thank patrons on your site or to promote 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 site for Kinda Funny, an internet video company. They've over 6,209 patrons which means an average of just $3 a month would be a monthly income of nearly $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 through Amazon FBA. This 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 used to be that you needed hundreds of thousands of dollars for manufacturing, marketing, logistics, everything that went into selling products. 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, pack it and even set your tag on it. Then you simply 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, move over Hasbro. Want a line of 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 site from people who have begun stores through Amazon FBA. A couple of them are that site making high-income incomes in less than a year so $5,000 per month is readily achievable in less than that.
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Making valid passive income isnt as difficult as you may think. Some of the best passive income thoughts might 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 more. The most important point is simply to begin.
In part three of this series we'll discuss the differences between remaining income and passive income. These two phrases 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 move onto a part of the Residual Income Series. .
First, lets take a peek at what passive income is. Passive income basically includes any money that you earn without doing any job. Often times this money comes in investments of time or money that you have already made. With passive income the person does not have to be directly involved with the money they are making.
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Residual income includes payments that you will get following a sale. Usually 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 film or book once, but it can continue to be sold and resold again and again, which permits you to continue to make money from your work.
Residual 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 is 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 needs to be renewed each month per week, which will allow you to continue to make money after the initial sale.