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Our next passive income idea is another twist on crowdfunding called Patreon. The website 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 work hundreds of years ago. Back during the renaissance, artists utilized to ask the rich for 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 individuals interested in your work, another usage of a blog that will double-duty for 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 provide rewards and copies of the job. So for a writer, you could offer copies of your books. You could promise to thank patrons on your site or to market something of theirs in the future.

Even if each 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've over 6,209 patrons which means an average of only $3 a month are a monthly income of nearly $19,000 and they get cheerleaders which are always happy 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 effortless 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 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 it. Then you just 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 retailstores. Always official website 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 begin for just a few thousand in inventory.

Ive got a couple of interviews on the blog from folks that have begun stores through Amazon FBA. A couple of them are making high-income incomes in less than a year so $5,000 per month is readily achievable 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 install but can start cash flowing within a couple of months and will provide a consistent monthly income for many years or more. The most important point is simply to get started.

In part three of the series we'll discuss the differences between residual income and passive income. Both of these terms are often used interchangeably, but in fact they are not the exact same thing. There are a number of similarities, but there are also some large Find Out More differences between remaining income and passive income income.Before I move onto look at here now part of the Residual Income Series. .

First, lets take a peek at what passive income is. Passive income essentially includes any money you earn without doing any work. Often times this money comes in investments of time or money which you've made. With passive income the person does not need to be involved with the money they are making.

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Residual income includes payments that you will get after a purchase. Usually these payments are agreed upon in advance and will continue long after the purchase. A good example of this is royalties that someone gets for a film or book. They only write the movie or book once, but it can continue to be sold and resold again and again, which allows you to continue to create money from your job.

Earning income can eventually turn into passive income over 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 methods to earn residual income. It usually 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.