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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 own for anyone with a side-hustle idea.

Patreon is actually how the arts used to operate 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 gives you the opportunity to acquire patrons to your own works. You build a community of people interested in your work, another usage of a blog that will double-duty for this passive income plan, and then ask them to make contributions each time you produce something. .

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Now patrons dont come off empty-handed, you offer benefits and copies of the job. So to get a writer, you could offer copies of your books. You can promise to publicly thank patrons on your blog or to promote something of theirs in the long run.

Even if each patron only contributes a very small amount each month, it can still be a huge source of income. Take a look at the Patreon site for 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 almost $19,000 plus they get cheerleaders which 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 thoughts 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 dollars for manufacturing, marketing, logistics, everything that went into selling solutions. With Amazon FBA, you contract with a manufacturer to send everything straight to Amazon warehouses across the country.

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The manufacturer is going to put everything together, package it and even set your label on it. Then you simply run your advertising and sell everything from your page on the worlds biggest internet shopping site.

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 with your name stitched across the pocket, you can now get started for only a couple of thousand in inventory.

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

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Making legitimate passive income isnt as difficult as you may think. A number of the best passive income ideas may take a little time to set up but can start money flowing within a couple of months and will provide a consistent monthly income for many years or longer. The most important point is just to get started.

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

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

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Residual income includes payments look here that you will receive following a sale. Normally these payments are agreed upon in advance and will continue long after the purchase. A good instance of this is directory 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 permits you to continue to make money from your job.

Residual income can eventually turn into passive income over 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 earn residual income. It normally involves a fee which needs to be renewed each month or week, which will allow you to continue to make money after the initial sale.