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Our next passive income idea is another twist on crowdfunding known as Patreon. The site is promoted 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 utilized to ask the wealthy 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 construct a community of people interested in your job, another use of a site that will double-duty for this passive income plan, and then request them to make contributions every time you create something. .

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

Even if each patron only contributes a very small amount every month, it can still be a massive source of income. Take a peek at the Patreon site to get Kinda Funny, an internet movie company. They've over 6,209 patrons that means an average of just $3 a month are a monthly income of nearly $19,000 plus they get cheerleaders which 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 is one of the very exciting income thoughts Ive seen in years. Amazon FBA makes it effortless to start your own retail company, to market your own products.

It was that you needed hundreds of thousands of dollars 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 tag view it now on it. Then you simply run your advertising and market everything from your page on the worlds biggest 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 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 couple of interviews on the site from people that have begun stores through Amazon FBA. A couple of them are making high-income incomes in less than a year so $5,000 a month is readily my latest blog post attainable in less than that.

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

In part three of the series we'll 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 some similarities, but there are also some large differences between residual income and passive income.Before I proceed onto part of the Residual Income Series. .

First, lets take a peek at what passive income is. Passive income essentially includes any money that you make without doing any work. Often times this money comes from investments of time or money which you've made. With click 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 get 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 create money from your work.

Residual income can eventually turn into passive income with time, as you can eventually earn money without doing an extra work. .

Now that you know the differences between passive and residual income, it is time to learn about some of the most common methods people 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 usually involves a fee that has to be renewed each month per week, which will allow you to continue to make money after the initial sale.