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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 really its for anyone with a side-hustle notion.

Patreon is really how the arts used to operate hundreds of years back. 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 gives you the opportunity to get patrons to your own works. You build a community of people interested in your work, another use of a blog that does double-duty with this passive income plan, and then request 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 the work. So for a writer, you might offer copies of your own books. You can 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. Take a peek at the Patreon site to get 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 and they get cheerleaders which are always happy to spread the word on their brand. .

Our last passive income source is creating your own brand and selling through Amazon FBA. This really is one of the most exciting income thoughts 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 bucks for manufacturing, marketing, logistics, everything that went into selling solutions. 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 label on it. Then you simply run your advertising and market everything from your webpage on the worlds biggest internet shopping website.

Amazon FBA provides you the opportunity to compete with the biggest names in retail. Always wanted to start a toy company, proceed over Hasbro. Want find out here a line of blue jeans along with your name stitched across the pocket, so you can now get started for only a few thousand in inventory.

Ive got a couple of interviews on the blog from folks that have started stores through Amazon FBA. A couple of them are making high-income incomes in less than a year therefore $5,000 per month is easily achievable in less than that.

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Making legitimate passive income isnt as hard as you might think. A number of the very best passive income thoughts may take a little time to set up but can start money flowing within a few 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 the series we will go over the differences between residual income and passive income. Both of these terms are often used interchangeably, but in fact they are not the same thing. There are some similarities, but there are also some big differences between residual income and passive income income.Before I move onto a part of the Residual Income Series. .

First, lets take a look at what passive income is. Passive income basically includes any money that you earn without doing any job. 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 directly involved with the money they are making.

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Residual income includes payments that you will receive after a sale. Usually these payments are agreed upon in advance and will continue long after the purchase. A good instance 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 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 people use to earn residual income:

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-Selling goods 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 per week, which will make it possible for you to continue to make money after the initial sale.