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

Patreon is actually how the arts used to work hundreds of years back. Back during the renaissance, artists used 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 build a community of people interested in your work, another use of a blog that does double-duty with this passive income strategy, and then ask them to make contributions every time you create something. .

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Now patrons dont come off empty-handed, you provide rewards and copies of this job. So to get a writer, you might offer copies of your books. You can promise to thank patrons on your blog 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 movie company. They have over 6,209 patrons which means an average of only $3 a month are a monthly income of nearly $19,000 and they get cheerleaders that are always pleased to spread the word on their brand. .

Our past passive income source is creating your own brand and selling through Amazon FBA. This is one of the most exciting income ideas Ive seen in years. Amazon FBA makes it effortless 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, pack 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 website.

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

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

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Making legitimate passive income isnt as hard as you might think. Some of the best passive income thoughts might 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 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. These two phrases 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 peek at what passive income is. Passive income basically includes any money you make without doing any work. Often times this money comes from investments of time or money that you have made. With passive income 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 look at here now get following a sale. Normally these payments have been agreed upon in advance and will continue long after the purchase. A fantastic example of this is royalties that someone gets to get 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 job.

Earning income can eventually turn into passive income with time, since 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 products online: This is one of the most common methods to earn residual 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 create money after the initial sale.