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

Patreon is actually how the arts used to work 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 site Patreon gives you the opportunity to get patrons for your own works. You construct a community of individuals interested in your job, another use of a blog that does double-duty with this passive income plan, and then request them to make contributions each time you produce something. .

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Now patrons dont come off empty-handed, you provide rewards and copies of the 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 long run.

Even if each patron only contributes a very small amount each month, it can still be a massive source of income. Take a peek at the Patreon site for Kinda Funny, an internet movie company. They've over 6,209 patrons that means an average of only $3 a month would be a monthly income of nearly $19,000 plus they get cheerleaders that are always happy to spread the word on their brand. .

Our past passive income source is creating your own brand and selling via Amazon FBA. This really is one of the most exciting income thoughts Ive seen in years. Amazon FBA makes it easy to start your own retail company, to sell your own products.

It used to be that you needed hundreds of thousands of dollars for manufacturing, marketing, logistics, everything that went into selling products. With Amazon FBA, you contract with a manufacturer to ship everything directly to Amazon warehouses throughout the country.

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The manufacturer is going to put everything together, pack it and even set your label on it. Then you just run your advertising and market everything from the page on the worlds largest 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 only a few thousand in inventory.

Ive got a couple of interviews on the site from folks that have begun shops through Amazon FBA. Some of them are making six-figure 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. 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 offer a consistent monthly income for years or more. The most important point is just to get started.

In part three of the series we will discuss the differences between residual income and passive income. Both of these terms are often used interchangeably, but in reality Read Full Article they are not the same thing. There are a number of 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 have a look at what passive income is. Passive income essentially includes any money that you earn without More Info doing any work. Often times this money comes in investments of time or money that you have already made. With passive income the person does not need to be involved with all the money they are making.

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Residual income includes payments you will get following a sale. Normally these payments are agreed upon in advance and will continue long after the sale. A fantastic example 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 permits you to continue to create 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'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 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.