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Our next passive income idea is another twist on crowdfunding called Patreon. The site is promoted as a crowdfunding site for creative people like artists and writers but its own for anyone with a side-hustle notion.
Patreon is actually how the arts used to operate hundreds of years ago. Back during the renaissance, artists utilized to ask the wealthy to be their patrons to support their work through regular contributions.
So now the website Patreon provides you the opportunity to get patrons to your own works. You build a community of people interested in your job, another use of a site that does double-duty with this passive income strategy, and then request them to make contributions each time you create something. .
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Now patrons dont come away empty-handed, you provide benefits and copies of the job. So for a writer, you could offer copies of your books. You could promise to 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 for Kinda Funny, an internet video company. They've over 6,209 patrons which means an average of just $3 a month are 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 easy to start your own retail company, to market 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 send 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 label on it. Then you just run your advertising and sell everything from your page on the worlds largest internet shopping website.
Amazon FBA gives 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 just a couple of thousand in inventory.
Ive got a few interviews on the site from people that have begun shops through Amazon FBA. A couple of them are making high-income incomes in less than a year therefore $5,000 per month is easily attainable in less than that.
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Making valid passive income isnt as hard as you might think. Some of the best passive income thoughts may take a little time to install but visit the site can start cash flowing within a few months and will offer a consistent monthly income for years or more. The most important point is simply to begin.
In part three of this series we will go over the differences between remaining income and passive income. These two 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 residual income and passive income income.Before I proceed onto part of the Residual Income Series. .
First, lets have a look at what passive income is. Passive income basically includes any money you earn without doing any work. Often times this money comes in investments of time or money which you've 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 you will receive following a sale. Normally these payments are agreed upon in advance and will continue long after the purchase. A good instance of this is royalties that someone gets for 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 continue to make money from your work.
Residual income can click to find out more eventually turn into passive income with time, as 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 individuals 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 make money after the initial sale.