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

Patreon is actually how the arts used to operate hundreds of years ago. Back during the renaissance, artists used to ask the wealthy 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 construct a community of individuals interested in your job, another use of a site that will double-duty for this passive income strategy, and then ask them to make contributions each time you create something. .

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

Even if every patron only contributes a very small amount each month, it can still be a massive source of income. Take a peek at the Patreon page for Kinda Funny, an internet video company. They have over 6,209 patrons which means an average of just $3 a month would be a monthly income of almost $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 via Amazon FBA. This 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 bucks for manufacturing, marketing, logistics, everything that went into selling solutions. With Amazon FBA, you contract with a manufacturer to ship everything straight 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 simply run your advertising and market everything from your webpage on the worlds largest internet shopping site.

Amazon FBA gives you the opportunity to compete with all the biggest names in retailstores. Always wanted to start a toy company, proceed over Hasbro. Want a line of jeans along with your name stitched across the pocket, so you can now get started for just a couple of thousand in inventory.

Ive got a few interviews on the blog 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 readily attainable in less than that.

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Making legitimate passive income isnt as hard as you might think. Some of the very best passive income thoughts may take a little time to set up but can start cash flowing within a few months and will offer a consistent monthly income for many years or longer. The most Your Domain Name important point is just to get started.

In part three of the series we'll go over the differences between remaining income and passive income. Both of these phrases are often used interchangeably, but in fact they are not the same thing. There are a number of similarities, but there are also some big differences between residual income and passive income income.Before I proceed onto a 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 job. Often times this money comes from 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 they are making.

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Residual income includes payments you will receive after a purchase. Usually these payments are agreed upon in advance and will continue long after the purchase. A good instance of this is royalties that someone gets to get a film 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 make 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 goods online: This is one of the most common ways to earn residual income. It normally involves a fee which has to be renewed each month or week, which will allow you to continue to create money after the initial sale.