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Our next passive income notion 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 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 site Patreon gives you the opportunity to get patrons for your own works. You build a community of individuals interested in your job, another usage of a blog that will double-duty for 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 offer benefits and copies of this job. So to get a writer, you could offer copies of your own books. You can promise to thank patrons on your blog or to promote something of theirs in the future.

Even if every patron only contributes a very small amount each month, it can still be a massive source of income. Have a peek at the Patreon page to get Kinda Funny, an internet video company. They've over 6,209 patrons which means an average of only $3 a month would be a monthly income of almost $19,000 plus 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 most exciting income thoughts Ive seen in years. Amazon FBA makes it easy to start your own retail company, to market your own products.

It was 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 straight to Amazon warehouses across the country.

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

Amazon FBA gives 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 jeans along with your name stitched across the pocket, you can now get started for only a few thousand in inventory.

Ive got a couple of interviews on the site from people who have begun stores through Amazon FBA. Some of them are making high-income incomes in less than a year so $5,000 per month is readily attainable 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 may take a little time to install but can begin cash 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 begin.

In part three of this series we'll go over the differences between residual income and passive income. These two terms are often used interchangeably, but in reality they are not the same thing. There are a number of similarities, but there are also some big differences between residual income and passive article income.Before I move onto part of the Residual Income Series. .

First, lets have a peek at what passive income is. Passive income essentially includes any money you earn without doing any work. Often times this money comes from investments of time or money that you have already 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 that you will get after a sale. you can look here Usually these payments are agreed upon in advance and will continue long after the sale. A good example 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 resold again and again, which allows you to continue to make money from your work.

Residual income can eventually turn into passive income over time, as 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 people use to earn residual income:

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-Selling products online: This is one of the most common ways to earn residual income. It normally involves a fee that needs to be renewed each month or week, which will allow you to continue to make money after the initial sale.