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Our next passive income notion is another twist on crowdfunding known as Patreon. The website is promoted as a crowdfunding website for creative people like artists and writers but its for anyone with a side-hustle idea.

Patreon is really how the arts used to operate hundreds of years back. 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 to your own works. You construct a community of individuals interested in your job, another usage of a blog that will double-duty with this passive income strategy, and then ask them to make contributions every time you produce something. .

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Now patrons dont come off empty-handed, you provide rewards and copies of the job. So for a writer, you could offer copies of your books. You could 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 massive source of income. Take a look at the Patreon page for Kinda Funny, an internet movie company. They have over 6,209 patrons that means an average of only $3 a month are a monthly income of almost $19,000 plus they get cheerleaders that are always happy 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 thoughts 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 dollars 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, pack it and even put your tag on it. Then you simply run your advertising and sell everything from the page on the worlds biggest internet shopping website.

Amazon FBA provides you the opportunity to compete with the biggest names in retailstores. Always wanted to start a toy company, proceed over Hasbro. Want a line of blue jeans with your name stitched across the pocket, so you can now begin for only a couple of thousand in inventory.

Ive got a few interviews on the site from folks that have begun stores through Amazon FBA. Some 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 legitimate passive income isnt as hard as you may think. Some of the best passive income ideas 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 longer. The most important point is simply to begin.

In part three of the series we'll discuss the differences between residual income and passive income. These two terms are often used interchangeably, but in reality they are not the same thing. There are a number of similarities, but there are also some big differences between remaining income and passive income income.Before I proceed onto part of the Residual Income Series. .

First, lets take a look at what passive income is. Passive income essentially includes any money that you make without doing any work. Often times this money comes in investments of time or money that you have already made. With passive income that the person does not need to be involved with all the money that they are making.

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Residual income includes payments that you will get after 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 to get a movie or book. They click site 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 create money from your work.

Earning income can eventually turn into passive income over time, as 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 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 normally involves a fee which needs to be renewed each month or week, which will allow you to continue to create money after the initial sale.