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Our next passive income idea is another twist on crowdfunding called Patreon. The website is promoted as a crowdfunding site for creative people like artists and writers but its for anyone with a side-hustle idea.
Patreon is actually how the arts used to work hundreds of years ago. 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 provides you the opportunity to acquire patrons for your own works. You build a community of people interested in your work, another usage 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 off empty-handed, you offer rewards and copies of this work. So for a writer, you could offer copies of your own books. You could promise to publicly thank patrons on your site or to promote something of theirs in the future.
Even if every patron only contributes a very small amount each month, it can still be a massive source of income. Take a look at the Patreon site for Kinda Funny, an internet movie company. They have over 6,209 patrons that means an average of just $3 a month would be a monthly income of nearly $19,000 plus 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 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 bucks for manufacturing, marketing, logistics, everything that went into selling products. 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 your webpage on the worlds largest internet shopping site.
Amazon FBA provides 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 blue jeans along with your name stitched across the pocket, you can now begin for only a few thousand in inventory.
Ive got a few interviews on the site from people who have started stores through Amazon FBA. Some of them are making six-figure incomes in less than a year so $5,000 per month is easily attainable in less than that.
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Making valid passive income isnt as difficult as you might think. Some of the very best passive income ideas might take a little time to set up but can begin money flowing within a couple of months and will provide a consistent monthly income for many years or more. The most important point is just to begin.
In part three of this series we will 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 a number of similarities, but there are also some large differences between remaining 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 essentially includes any money that you make without doing any work. Often times this money comes from investments of time or money that you have already made. With passive income that the person does not have to be involved with all the money they are making.
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Residual income includes payments that you will get following a sale. 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 to get a movie 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 continue to make money from your job.
Earning income can eventually her latest blog 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'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 usually involves a fee which has to be renewed each month per week, which will allow you to continue to create money after the initial sale.