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Our next passive income idea 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 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 utilized to ask the rich to be 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 construct a community of people interested in your job, another use of a site that will double-duty for 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 rewards and copies of the job. So to get a writer, you might offer copies of your own books. You could promise to thank patrons on your site or to promote 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 peek at the Patreon site for Kinda Funny, an internet video 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 and they get cheerleaders that are always happy to spread the word on their brand. .

Our past passive income source is creating your own brand and selling via Amazon FBA. This really is one of the most 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. With Amazon FBA, you contract with a manufacturer to send everything straight 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 just run your advertising and market everything from the page on the worlds largest internet shopping site.

Amazon FBA gives you the opportunity to compete with all 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, so you can now begin for just a few thousand in inventory.

Ive got a couple of interviews on the site from people that have begun shops through Amazon FBA. A couple of them are making six-figure incomes in less than a year so $5,000 per month is readily attainable in less than that.

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Making valid passive income isnt as difficult as you may think. A number of the best passive income thoughts might take a little time to set up but can begin cash flowing within a few months and will provide a consistent monthly income for years or more. The most important point is simply to get started.

In part three of this series we'll 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 exact same thing. why not find out more There are some similarities, but there are also some large differences between remaining income and passive 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 you earn without doing any work. Often times this money comes in investments of time or money which you've made. With passive income the person does not need to be directly involved with the money that they are making.

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Residual income includes payments you will receive following a sale. Normally these payments have been agreed upon in advance and will continue long after the sale. A fantastic example of this is royalties that someone gets for a movie or book. They only write the film or book once, but it can continue to be sold and resold again and again, which allows you to continue to create money from your work.

Residual income can eventually turn into passive income with time, since you can eventually earn money without doing an extra 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 goods online: This is one of the most common ways to earn residual content income. It normally involves a fee which has to be renewed each month or week, which will make it possible for you to continue to make money after the initial sale.