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Our next passive income idea is another twist on crowdfunding known as Patreon. The site is encouraged as a crowdfunding website 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 ago. Back during the renaissance, artists used to ask the rich to be 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 does double-duty for this passive income plan, and then ask them to make contributions every time you create something. .

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Now patrons dont come off empty-handed, you offer rewards and copies of the work. So for a writer, you could offer copies of your books. You can promise to thank patrons on your site or to market 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 site for Kinda Funny, an internet video company. They have over 6,209 patrons that means an average of just $3 a month would be a monthly income of almost $19,000 plus they get cheerleaders which are always happy to spread the word on their brand. .

Our last 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 effortless 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 solutions. With Amazon FBA, you contract with a manufacturer to ship everything directly 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 largest internet shopping website.

Amazon FBA provides you the opportunity to compete with the biggest names in retailstores. 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 just a couple of thousand in inventory.

Ive got a couple of interviews on the blog from folks that have begun stores through Amazon FBA. Some of them are making high-income incomes in less than a year therefore $5,000 a month is readily attainable 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 ideas may take a little time to set up but can begin money flowing within a couple of months and will offer a consistent monthly income for many years or more. The most important point is simply to begin.

In part three of the series we will discuss the differences between residual income and passive income. Both of these terms are often used interchangeably, but in fact they are not the read what he said 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 you make without doing any job. Often times this money comes in investments of time or money that you have already made. With passive income 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. Normally these payments have been agreed upon in advance and will continue long after the sale. A fantastic 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, since you can eventually earn money without doing an extra 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 check my reference of the most common a knockout post methods to earn residual income. It usually involves a fee that has to be renewed each month or week, which will make it possible for you to continue to create money after the initial sale.