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Our next passive income notion is another twist on crowdfunding called Patreon. The website is promoted as a crowdfunding site for creative people like artists and writers but really its own 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 website Patreon provides you the opportunity to acquire patrons to your own works. You construct a community of people interested in your job, another use of a site that does double-duty with this passive income strategy, and then request them to make contributions every time you create something. .

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

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 page for Kinda Funny, an internet video company. They've over 6,209 patrons which means an average of only $3 a month would be 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 ideas Ive seen in years. Amazon FBA makes it easy to start your own retail company, to sell your own products.

It used to be that you needed hundreds of thousands of bucks for manufacturing, marketing, logistics, everything that went into selling products. 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 set your tag on it. Then you simply run your advertising and sell everything from the page on the worlds biggest 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 blue jeans along with your name stitched across the pocket, you can now get started for only a couple of thousand in inventory.

Ive got a couple of interviews on the site from folks that have begun shops through Amazon FBA. Some of them are making six-figure 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. A number of the very best passive income ideas may take a little time to install but can start cash flowing within a couple of months and will offer a consistent monthly income for many years or more. The most important point is simply to get started.

In part three of this series we'll discuss the differences between residual income and passive income. Both of these phrases are often used interchangeably, but in fact they are not the exact same thing. There are some similarities, but there are also some big differences between review residual income and passive income.Before I proceed onto a part of the Residual Income Series. .

First, lets have a look 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 that the person does not have to be involved with the money they are making.

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Residual income includes payments that you will receive following a sale. 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 to get 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 permits you to continue to make money from your job.

Earning income can eventually turn into passive income over time, since 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 individuals 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 per week, which will make it possible for you to continue to create money after the initial sale.