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Our next passive income idea is another twist on crowdfunding called Patreon. The site is promoted as a crowdfunding website 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 utilized 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 build a community of people interested in your work, another usage of a site that will 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 off empty-handed, you provide benefits and copies of this job. So to get a writer, you could offer copies of your own 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 every month, it can still be a massive source of income. Take a look at the Patreon page for Kinda Funny, an internet movie company. They've over 6,209 patrons which means an average of just $3 a month are a monthly income of nearly $19,000 and they get cheerleaders that 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 is one of the most exciting income thoughts Ive seen in years. Amazon FBA makes it effortless to start your own retail company, to market your own products.

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

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The manufacturer is going to put everything together, package it and even set your label on it. additional resources Then you just run your advertising and sell everything from the webpage on the worlds biggest internet shopping website.

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

Ive got a few interviews on the blog from people that have begun shops through Amazon FBA. Some of them are making high-income incomes in less than a year so $5,000 per month is easily achievable in less than that.

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Making legitimate passive income isnt as difficult as you may think. Some of the best passive income ideas may take a little time to set up but can begin cash flowing within a couple of months and will offer a consistent monthly income for years or longer. The most important point is just to get started.

In part three of the series we will go over the differences between residual income and passive income. Both of these terms are often used interchangeably, but in fact 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 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 make 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 need to be directly involved with the money that they are making.

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Residual income includes payments you will see here now get 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 film or book once, but it can continue to be sold and resold again and again, which permits you to continue to i thought about this make money from your job.

Residual income can eventually turn into passive income with 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 products online: This is one of the most common ways to earn residual income. It normally involves a fee which has to be renewed each month per week, which will allow you to continue to make money after the initial sale.