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

Patreon is really how the arts used to operate 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 individuals interested in your job, another use of a site that does double-duty with this passive income plan, and then request them to make contributions each time you create something. .

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Now patrons dont come off empty-handed, you provide benefits and copies of this job. So for a writer, you might offer copies of your own books. You could promise to publicly thank patrons on your site 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 massive source of income. Take a peek at the Patreon site for Kinda Funny, an internet movie company. They have over 6,209 patrons that means an average of just $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 through Amazon FBA. This really is one of the most exciting income ideas Ive seen in years. Amazon FBA makes it effortless 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 solutions. 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, package it and even put your label on it. Then you just run your advertising and market everything from your page 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, move over Hasbro. Want a line of jeans with your name stitched across the pocket, you can now get started for only a few thousand in inventory.

Ive got a couple of interviews on the blog from folks who have started stores through Amazon FBA. A couple of them are making high-income incomes in less than a year so $5,000 per month is easily achievable in less than that.

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Making legitimate passive income isnt as hard as you may think. Some of the best passive income thoughts might take a little time to set up but can begin cash flowing within a couple of months and will provide a consistent monthly income for many years or longer. The most important point is just to get started.

In part three of this series we'll discuss the differences between residual income and passive income. These two terms are often used interchangeably, but in fact they are not the same thing. There are a number of similarities, but there are find this also some big differences between residual income and passive 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 you earn without doing any job. Often times this money comes from investments of time or money that you have already made. With passive the original source income that the person does not have to be involved with all the money that they are making.

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Residual income includes payments that you will get following a sale. Usually these payments are agreed upon in advance and will continue long after the sale. 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 allows 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 is time to learn about some of the most common methods individuals 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 usually involves a fee which has to be renewed each month or week, which will make it possible for you to continue to create money after the initial sale.