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Our next passive income idea is another twist on crowdfunding called Patreon. The site is promoted 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 operate hundreds of years ago. Back during the renaissance, artists used to ask the rich for their patrons to support their work through regular contributions.

So now the site Patreon gives you the opportunity to acquire patrons to your own works. You construct a community of individuals interested in your job, another use of a blog that will double-duty with this passive income plan, and then request them to make contributions every time you produce something. .

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Now patrons dont come off empty-handed, you offer benefits and copies of the work. So for a writer, you could offer copies of your own books. You could promise to publicly thank patrons on your site or to promote something of theirs in the long run.

Even if each patron only contributes a very small amount every month, it can still be a huge source of income. Take a look at the Patreon page to get Kinda Funny, an internet movie company. They have over 6,209 patrons that means an average of just $3 a month would be 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 through Amazon FBA. This 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 dollars for manufacturing, marketing, logistics, everything that went into selling products. Together 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. more helpful hints Then you just run your advertising and sell everything from the 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, proceed over Hasbro. Want a line of jeans along with your name stitched across the pocket, you can now begin for only a couple of thousand in inventory.

Ive got a few interviews on the site from people that have started shops through Amazon FBA. Some of them are making six-figure incomes in less than a year so $5,000 a month is easily achievable 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 start money flowing within a couple of months and will provide a consistent monthly income for 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 phrases are often used interchangeably, but in fact they are not the same thing. There are some similarities, but there are also some big differences between remaining income and passive income income.Before I move onto part of the Residual Income Series. .

First, lets have a peek at what passive income is. Passive income basically includes any money that you make without doing any work. Often times this money comes in investments of time or money that you have made. With passive income that the person does not need to be directly involved with all the Continued money that they are making.

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Residual income includes payments that you will get after a sale. Normally these payments are agreed upon in advance and will continue long after the purchase. 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 permits you to continue to make money from your job.

Residual income can eventually turn into passive income with time, as 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 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 usually involves a fee that has to be renewed each month per week, which will make it possible for you to continue to make money after the initial sale.