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

Patreon is really 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 acquire patrons to your own works. You construct a community of people interested in your work, another usage of a site that does double-duty with this passive income strategy, and then ask them to make contributions each time you create something. .

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Now patrons dont come away empty-handed, you offer rewards and copies of this 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 market something of theirs in the long run.

Even if each patron only contributes a very small amount every month, it can still be a huge source of income. Have a look at the Patreon page for Kinda Funny, an internet movie company. They have over 6,209 patrons that means an average of just $3 a month are a monthly income of almost $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 through Amazon FBA. This really 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 was 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 Bonuses together, package it and even put your tag on it. Then you simply run your advertising and sell everything from your webpage on the worlds biggest internet shopping site.

Amazon FBA provides 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 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 shops through Amazon FBA. A couple of them are making six-figure 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 difficult as you may think. Some of the best passive income ideas may take a little time to set up but can start cash flowing within a couple of months and will offer a consistent monthly income for many years or longer. The most important point is simply to begin.

In part three of the series we will discuss the differences between residual income and passive income. Both of these terms are often used interchangeably, but in fact they are not the exact same thing. There are some similarities, but there are also some big differences between residual income and passive income income.Before I move onto 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 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 have to be directly involved with the money 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 only write the film or this post 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 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's time to learn about some of the most common methods individuals use to earn residual income:

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-Selling goods online: This is one of the most common ways to description earn residual income. It normally 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.