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

Patreon is actually how the arts used to work hundreds of years ago. Back during the renaissance, artists utilized to ask the rich for 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 build a community of people interested in your work, another usage of a site that does double-duty with this passive income plan, and then ask them to make contributions each time you produce something. .

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Now patrons dont come away empty-handed, you provide benefits and copies of this work. So to get a writer, you might offer copies of your books. You can promise to 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 to get Kinda Funny, an internet video company. They have 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 pleased to spread the word on their brand. .

Our last passive income source is creating your own brand and selling via Amazon FBA. This really is one of the very 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 products. Together 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 your webpage 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 blue jeans along with your name stitched across the pocket, you can now begin for only a few thousand in inventory.

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

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

In part three of the series we will go over the differences between residual income and passive income. These two phrases are often 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 move onto a part of the Residual Income Series. .

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

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Residual income includes payments you will receive after a sale. Usually these payments are agreed upon in advance and will continue long after the sale. Full Report A good instance of this is royalties that someone gets for 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 allows you to continue to make money from your work.

Residual income can eventually turn into passive income with 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 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 usually involves a fee that has to be renewed each month or week, which will make it possible for you to continue to create money after the initial sale.