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Our next passive income notion is another twist on crowdfunding called Patreon. The website 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 actually 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 website Patreon gives you the opportunity to get patrons for your own works. You construct a community of individuals interested in your work, another usage of a site that does double-duty for this passive income strategy, 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 the job. 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 every patron only contributes a very small amount each month, it can still be a massive source of income. Have a peek at the Patreon site for Kinda Funny, an internet movie company. They have over 6,209 patrons which means an average of just $3 a month are a monthly income of almost $19,000 and they get cheerleaders that are always happy 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 very exciting income thoughts 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 straight to Amazon warehouses across the country.

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The manufacturer is going to put everything together, package it and even put your tag on it. Then you simply 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 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 just a couple of thousand in inventory.

Ive got a couple of interviews on the site from folks 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 valid passive income isnt as hard as you may think. Some of the best passive income ideas may take a little time to set up but can start money flowing within a few months and will provide a consistent monthly income for years or more. The most important point is just to begin.

In part three of this series we'll go over the differences between residual income and passive income. Both of these phrases are often used interchangeably, but in reality they are useful link not the exact same thing. There are a number of similarities, but there are also some big differences between remaining income and passive income.Before I proceed onto part of the Residual Income Series. .

First, lets have a peek at what passive income is. Passive income basically includes any money you earn without doing any job. Often times this money comes in investments of time or money that you have already made. With passive income that the person does not need to be 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 purchase. A fantastic instance of this is royalties that someone gets to get a movie or book. They only write the movie or book once, but it can continue to be sold and resold again and again, which permits you to continue to make money you can find out more from your work.

Earning 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 people use to earn residual income:

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