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

Patreon is actually how the arts used to work hundreds of years ago. Back during the renaissance, artists utilized to ask the wealthy for their patrons to support their work through regular contributions.

So now the website Patreon gives you the opportunity to acquire patrons to your own works. You construct a community of individuals interested in your job, another usage of a blog that does double-duty for this passive income plan, and then ask them to make contributions every time you create something. .

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Now patrons dont come off empty-handed, you offer rewards and copies of the work. So for a writer, you could offer copies of your books. You can 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 every month, it can still be a massive source of income. Take a look at the Patreon site for Kinda Funny, an internet video company. They've over 6,209 patrons that means an average of only $3 a month are a monthly income of nearly $19,000 plus 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 via Amazon FBA. This really is one of the very exciting income thoughts Ive seen in years. Amazon FBA makes it effortless to start your own retail company, to market your own products.

It was 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 directly to Amazon warehouses throughout the country.

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The manufacturer is going to put everything together, package it and even set your tag on it. Then you simply run your advertising and sell everything from your page on the worlds biggest internet shopping website.

Amazon FBA gives you the opportunity to compete with all the biggest names in retailstores. Always wanted to start a toy company, proceed over Hasbro. Want a line of blue jeans see page 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 stores through Amazon FBA. Some of them are making six-figure incomes in less than a year so $5,000 a month is easily achievable in less than that.

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Making valid passive income isnt as difficult as you may think. A number of the best passive income ideas might take a little time to set up but can begin money flowing within a few months and will offer a consistent monthly income for many years or longer. The most important point is simply to get started.

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

First, lets take a look at what passive income is. Passive income basically includes any money that you make without doing any work. Often times this money comes from investments of time or money that you have made. With passive income the person does not have 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. Normally 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 for 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 make money from your job.

Earning income can eventually turn into passive income over time, as 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 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.