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Our next passive income notion is another twist on crowdfunding called 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 idea.

Patreon is actually how the arts used to work hundreds of years ago. Back during the renaissance, artists used to ask the wealthy for their patrons to support their work through regular contributions.

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

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Now patrons dont come away empty-handed, you offer rewards and copies of the job. So to get a writer, you could offer copies of your books. You could promise to publicly thank patrons on your blog or to promote something of theirs in the long run.

Even if every patron only contributes a very small amount every month, it can still be a huge source of income. Have a look at the Patreon site for Kinda Funny, an internet video company. They have over 6,209 patrons which 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 via Amazon FBA. This really 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 bucks for manufacturing, marketing, logistics, everything that went into selling solutions. Together with Amazon FBA, you contract with a manufacturer to ship everything straight to Amazon warehouses throughout the country.

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The manufacturer is going to put everything together, pack it and even put your tag on it. Then you simply run your advertising and sell everything from your page on the worlds biggest internet shopping site.

Amazon FBA provides you the opportunity this website to compete with all the biggest names in retailstores. Always wanted to start a toy company, move over Hasbro. Want a line of jeans with your name stitched across the pocket, so you can now begin for only a couple of thousand in inventory.

Ive got a couple of interviews on the site from people that have begun shops through Amazon FBA. Some of them are making six-figure incomes in less than a year so $5,000 a month is readily achievable in less than that.

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Making legitimate passive income isnt as difficult as you may think. A number of the very best passive income ideas might take a little time to set up but can begin cash flowing within a couple of months and will offer a consistent monthly income for many years or longer. The most important point is simply to begin.

In part three of this series we will go over the differences between remaining income and passive income. Both of these terms are often used interchangeably, but in reality 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 take a look at what passive income is. Passive income basically includes any money that you make without doing any job. Often times this money comes in investments of time or money which you've made. With passive income the person does not have to be directly involved with the money they are making.

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Residual income includes payments you will receive following a purchase. Normally these payments have been agreed upon in advance and will continue long after the sale. 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 make 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's 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 which needs to be renewed each month or week, which will allow you to continue to create money after the initial sale.