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

Patreon is really how the arts used to work hundreds of years back. Back during the renaissance, artists used to ask the rich for their patrons to support their work through regular contributions.

So now the website Patreon gives you the opportunity to acquire patrons for your own works. You build a community of people interested in your job, another use of a site 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 away empty-handed, you provide benefits and copies of this job. So for a writer, you might offer copies of your own 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 massive source of income. Have a peek at the Patreon page to get Kinda Funny, an internet movie company. They've over 6,209 patrons that means an average of only $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 last passive income source is creating your own brand and selling through Amazon FBA. This is one of the very exciting income thoughts Ive seen in years. Amazon FBA makes it effortless to start your own retail company, to sell your own products.

It was 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 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 label on look at this website it. Then you simply run your advertising and market everything from the webpage on the worlds biggest internet shopping website.

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

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

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

In part three of this series we'll discuss 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 a number of similarities, but there are also some big differences between residual income and passive income income.Before I resource 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 make without doing any work. Often times this money comes in investments of time or money which you've already made. With passive income that the person does not have to be involved with all the money that they are making.

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Residual income includes payments you will receive after a sale. Usually these payments have been agreed upon in advance and will continue long after the purchase. A fantastic 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 permits you to continue to make money from your work.

Residual 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 normally involves a fee which needs to be renewed each month or week, which will make it possible for you to continue to make money after the initial sale.