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

Patreon is really how the arts used to work hundreds of years ago. Back during the renaissance, artists utilized 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 construct a community of individuals interested in your job, another use of a blog that does 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 off empty-handed, you offer benefits and copies of the job. So for a writer, you might offer copies of your own books. You can promise to publicly thank patrons on your blog 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 huge source of income. Have a peek at the Patreon page for Kinda Funny, an internet movie company. They have over 6,209 patrons which means an average of only $3 a month would be a monthly income of almost $19,000 and they get cheerleaders that 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 is one of the most exciting income ideas Ive seen in years. Amazon FBA makes it easy 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 solutions. 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, pack it and even set your label on it. Then you just run your advertising and sell everything from the page on the worlds largest internet shopping site.

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 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 who have started stores through Amazon FBA. A couple 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 might think. A number 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 years or longer. The most important point is simply to begin.

In part three of this series we will discuss the differences between remaining income and passive income. Both of these phrases are often used interchangeably, but in reality they are not the same thing. There are a number of similarities, but there are also some large differences between residual income and passive 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 work. 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 good example 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.

Residual income can eventually turn into passive income over 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 discover here common methods people use to earn residual income:

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-Selling products online: This is one of the most common ways to earn residual income. It normally involves a fee which needs to be renewed each month or week, which will make it possible for you to continue to create money after the initial sale.