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

Patreon is really how the arts used to operate hundreds of years back. Back during the renaissance, artists utilized to ask the rich for their patrons to support their work through regular contributions.

So now the website Patreon gives you the opportunity to acquire patrons for your own works. You build a community of people interested in your work, another use of a site that will double-duty for this passive income strategy, and then ask them to make contributions every time you create something. .

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Now patrons dont come away empty-handed, you offer rewards and copies of the work. So for 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 every patron only contributes a very small amount every month, it can still be a massive source of income. Have a look at the Patreon page to get Kinda Funny, an internet movie company. They've over 6,209 patrons which means an average of only $3 a month would be 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 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 send 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 simply run your click site advertising and sell everything from your webpage on the worlds biggest internet shopping site.

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 with your name stitched across the pocket, you can now get started for just a few thousand in inventory.

Ive got a couple of interviews on the site from people who have started stores through Amazon FBA. Some of them are making six-figure incomes in less than a year so $5,000 per month is easily attainable in less than that.

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Making legitimate passive income isnt as difficult as you might think. Some of the very best passive income thoughts might take a little time to install but can start money flowing within a couple of months and will offer a consistent monthly income for years or more. The most important point is simply to get started.

In part three of the series we will discuss the differences between remaining income and passive income. These two phrases are often used interchangeably, but in reality 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 move onto part of the Residual Income Series. .

First, lets take a peek at what passive income is. Passive income essentially includes any money you make without doing any work. Often times this money comes from investments of time or money which you've already made. With passive income that the person does not have to be involved with all the money they are making.

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Residual income includes payments you will get following a purchase. Usually these payments are agreed upon in advance and will continue long after the sale. 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 allows you to continue to special info make money from your work.

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: look at more info This is one of the most common methods to earn residual income. It normally involves a fee which has to be renewed each month per week, which will make it possible for you to continue to create money after the initial sale.