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Our next passive income notion is another twist on crowdfunding known as 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 notion.

Patreon is really how the arts used to work hundreds of years ago. 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 gives you the opportunity to acquire patrons for your own works. You construct a community of individuals interested in your work, another usage of a blog 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 away empty-handed, you provide rewards and copies of this job. So for a writer, you might offer copies of your own books. You could promise to 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 each month, it can still be a massive 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 are a monthly income of nearly $19,000 plus they get cheerleaders which are always pleased 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 very exciting income thoughts Ive seen in years. Amazon FBA makes it effortless to start your own retail company, to market your own products.

It was 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 set your label on it. Then you simply run your advertising and market everything from the page on the worlds largest internet shopping site.

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

Ive got a few interviews on the site from people who have started shops through Amazon FBA. A couple of them are making high-income incomes in less than a year so $5,000 per month is easily attainable 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 install but can start money 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. These two terms 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 remaining income and passive income income.Before I proceed 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 that you have made. With passive 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 you will get after a purchase. Usually 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 for 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 work.

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 click this site 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 that has to be renewed each month or week, which will make it possible for you to continue to make money after the initial sale.