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

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 provides you the opportunity to acquire patrons to your own works. You build a community of individuals interested in your job, another usage of a site that does double-duty for this passive income strategy, 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 rewards and copies of this work. So for a writer, you might offer copies of your own books. You can promise to publicly thank patrons on your site or to promote something of theirs in the future.

Even if each patron only contributes a very small amount each month, it can still be a huge source of income. Take a look at the Patreon site for Kinda Funny, an internet video company. They have over 6,209 patrons which means an average of only $3 a month are a monthly income of nearly $19,000 and they get cheerleaders that are always pleased to spread the word on their brand. .

Our past 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 sell your own products.

It was 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 send everything straight to Amazon warehouses across the country.

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

Amazon FBA gives you the opportunity to compete with all the biggest names in retailstores. Always wanted to start a toy company, proceed over Hasbro. Want a line of blue jeans with your name stitched across the pocket, so you can now get started for just a few thousand in inventory.

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

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Making legitimate passive income isnt as hard 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 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 residual income and passive income. Both of these phrases are often see here used interchangeably, but in fact they are not the same thing. There are some similarities, but there are also some big differences between residual income and passive income.Before I proceed onto part of the Residual Income Series. .

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

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Residual income includes payments that you will receive after a sale. Normally these payments are agreed upon in advance and will continue long after the purchase. A fantastic instance of this is royalties that someone gets for a movie or book. They only write the movie or book once, but it can continue to be sold and resold again and read here again, which permits you to continue to create money from your job.

Residual income can eventually turn into passive income over 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 individuals use to earn residual income:

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-Selling goods online: This is one of the most common methods to earn residual income. It normally involves a fee that needs to be renewed each month per week, which will Bonuses allow you to continue to create money after the initial sale.