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

Patreon is actually how the arts used to operate 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 construct a community of individuals interested in your job, another usage of a site that will double-duty with 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 offer benefits and copies of this work. So to get a writer, you might offer copies of your own books. You could promise to thank patrons on your blog or to market 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. Take a peek at the Patreon page 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 almost $19,000 and they get cheerleaders that 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 sell your own products.

It was that you needed hundreds of thousands of dollars 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, pack it and even put your label on it. Then you just run your advertising and market everything from the webpage 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 with your name stitched across the pocket, you can now begin for only a few thousand in inventory.

Ive got a couple of interviews on the site from people that have begun shops through Amazon FBA. Some of them are making high-income incomes in less than a year therefore $5,000 a month is easily achievable 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 thoughts might take a little time to install but can start 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'll discuss the differences between remaining income and passive income. These two terms are often used interchangeably, but in fact they are not the same thing. There are some similarities, but there are also some large differences between remaining income and passive income.Before I proceed onto 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 next doing any work. Often times this money comes in investments of time or money that you news have already made. With passive income the person does not need to be directly involved with all the money they are making.

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Residual income includes payments you will receive following a purchase. Usually these payments have been agreed upon in advance and will continue long after the purchase. A good example of this is royalties that someone gets to get a film or book. They only write the movie or book once, but it can continue to be sold and resold again and again, which allows you to continue to create money from your job.

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 individuals 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 which needs to be renewed each month or week, which will allow you to continue to create money after the initial sale.