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Our next passive income notion is another twist on crowdfunding known as Patreon. The site is promoted as a crowdfunding site for creative people like artists and writers but really its for anyone with a side-hustle notion.

Patreon is actually 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 site Patreon gives you the opportunity to acquire patrons for your own works. You build a community of people 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 benefits and copies of the work. So to get a writer, you could offer copies of your own books. You could promise to publicly 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. Have a peek at the Patreon page for Kinda Funny, an internet movie company. They've over 6,209 patrons that means an average of only $3 a month are a monthly income of nearly $19,000 plus they get cheerleaders that 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 is one of the very exciting income ideas Ive seen in years. Amazon FBA makes it easy 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 products. Together with Amazon FBA, you contract with a manufacturer to send everything directly to Amazon warehouses across the country.

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The manufacturer is going to put everything together, package it and even set your tag on it. Then you just run your advertising and market everything visit this site right here from your webpage on the worlds biggest internet shopping website.

Amazon FBA provides 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 with your name stitched go to this website across the pocket, you can now begin for only a few thousand in inventory.

Ive got a few interviews on the site from people that have begun stores through Amazon FBA. Some of them are making six-figure incomes in less than a year therefore $5,000 per month is easily 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 ideas might take a little time to set up but can start money flowing within a couple of months and will offer a consistent monthly income for many years or more. The most important point is just to get started.

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

First, lets take a peek at what passive income is. Passive income basically includes any money that you earn without doing any work. Often times this money comes in 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 you will receive following a sale. Normally these payments have been agreed upon in advance and will continue long after the sale. A review good instance of this is royalties that someone gets for a movie 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 make money from your work.

Earning income can eventually turn into passive income with time, since 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 products online: This is one of the most common methods to earn residual income. It normally involves a fee which needs to be renewed each month or week, which will allow you to continue to make money after the initial sale.