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

Patreon is actually how the arts used to operate hundreds of years ago. Back during the renaissance, artists utilized to ask the wealthy for their patrons to support their work through regular contributions.

So now the website Patreon gives you the opportunity to get patrons to your own works. You construct a community of people interested in your job, another use of a site that will double-duty with this passive income strategy, and then request them to make contributions each time you produce something. .

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Now patrons dont come away empty-handed, you provide benefits and copies of the work. So to get a writer, you might offer copies of your books. You could promise to thank patrons on your blog 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 massive source of income. Take a look at the Patreon page for Kinda Funny, an internet movie company. They've over 6,209 patrons that means an average of just $3 a month are 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 very 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. 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 just run your advertising and market everything from the webpage on the worlds largest internet shopping website.

Amazon FBA gives you the opportunity to compete with 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 official source get started for only a few thousand in inventory.

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

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Making legitimate passive income isnt as difficult as you might think. Some of the best passive income thoughts might take a little time to set up but can start money flowing within a couple of months and will offer a consistent monthly income for years or longer. The most important point is simply to get started.

In part three of this series we'll discuss the differences between remaining 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 remaining income and passive income income.Before I proceed onto part of the Residual Income Series. .

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

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Residual income includes payments that you will get following a purchase. Usually these payments are agreed upon in advance and will continue long after the sale. A fantastic instance 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 check my reference resold again and again, which permits you to continue to make 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 income. It normally involves a fee which needs to be renewed each month per week, which will allow you to continue to create money after the initial sale.