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Our next passive income notion is another twist on crowdfunding known as Patreon. The site 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 really how the arts used to work hundreds of years back. Back during the renaissance, artists used to ask the wealthy to be their patrons to support their work through regular contributions.

So now the website Patreon gives you the opportunity to get patrons for your own works. You construct a community of people interested in your work, another usage of a site that does double-duty with this passive income plan, and then ask them to make contributions each time you create something. .

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Now patrons dont come away empty-handed, you offer benefits and copies of the work. So for a writer, you might offer copies of your own books. You could promise to thank patrons on your blog 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 look at the Patreon site for Kinda Funny, an internet movie company. They have over 6,209 patrons which means an average of only $3 a month would be a monthly income of nearly $19,000 and they get cheerleaders that are always pleased to spread the word on their brand. .

Our last passive income source is creating your own brand and selling through Amazon FBA. This really is one of the most exciting income ideas 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 dollars for manufacturing, marketing, logistics, everything that went into selling products. Together with Amazon FBA, you contract with a manufacturer to ship everything straight to Amazon warehouses across the country.

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

Amazon FBA provides 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 jeans along with your name stitched across the pocket, so you can now begin for only a couple of thousand in inventory.

Ive got a few interviews on the blog from people who have started stores through Amazon FBA. A couple of them are making six-figure incomes in less than a year so $5,000 per month is easily attainable in less than that.

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Making legitimate passive income isnt as difficult as you may think. Some of the best passive income ideas might take a little time to set up but can begin money flowing within a few months and will offer a consistent their explanation monthly income for many years or more. The most important point is simply to begin.

In part three of this series we will go over the differences between residual income and passive income. Both of these phrases are often used interchangeably, but in reality they are not the exact same thing. There are a number of similarities, but there are also some large differences between residual income and passive 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 make without doing any job. Often times this money comes from investments of time or money which you've made. With passive income that the person does not need to be involved with the money they are making.

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Residual income includes payments you will get after a sale. Normally these payments are agreed upon in advance and will continue long after the sale. A fantastic example 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.

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 that needs to be renewed each month or week, which will make it possible for you to continue to make money after the initial sale.