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

Patreon is actually how the arts used to work hundreds of years ago. Back during the renaissance, artists utilized to ask the rich for 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 individuals interested in your work, another usage of a blog that does double-duty with this passive income strategy, and then ask them to make contributions every time you produce something. .

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Now patrons dont come away empty-handed, you offer benefits and copies of the work. So to get a writer, you might offer copies of your own books. You can promise to publicly 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 massive source of income. Have a peek at the Patreon site for Kinda Funny, an internet video company. They have over 6,209 patrons which means an average of just $3 a month are a monthly income of nearly $19,000 and they get cheerleaders which are always pleased 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 easy 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 products. With Amazon FBA, you contract with a manufacturer to ship everything directly to Amazon warehouses throughout the country.

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The manufacturer is going to put everything together, pack it and even set your tag on it. Then you simply run your advertising and sell everything from your webpage on the worlds largest internet shopping site.

Amazon FBA provides you the opportunity to compete with the biggest names in retailstores. Always wanted to start a toy company, proceed 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 couple of interviews on the site from people who have started shops through Amazon FBA. A couple of them are making six-figure incomes in less than a year therefore $5,000 a month is readily achievable in less than that.

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Making legitimate passive income isnt as hard as you may think. A number of the best passive income thoughts might take a little time to install but can begin money you can try this out flowing within a couple of months and will offer 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'll discuss the differences between residual income and passive income. These two terms are often used interchangeably, but in reality they are news not the exact same thing. There are some similarities, but there are also some large differences between remaining income and passive income.Before I move onto part of the Residual Income Series. .

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

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Residual income includes payments you will get following a sale. Normally these payments are agreed upon in advance and will continue long after the sale. A good example of this is royalties that someone gets for a film or book. They only write the movie 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 work.

Earning income can eventually turn into passive income over 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 individuals 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 usually 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.