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

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

So now the site Patreon provides you the opportunity to acquire patrons for your own works. You construct a community of people interested in your work, another usage of a blog that does 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 could offer copies of your own books. You can promise to publicly thank patrons on your site or to market 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. Take a peek at the Patreon page for Kinda Funny, an internet movie company. They've over 6,209 patrons which means an average of only $3 a month are a monthly income of almost $19,000 and they get cheerleaders which are always happy to spread the word on their brand. .

Our last passive income source is creating your own brand and selling through Amazon FBA. This is one of the very exciting income ideas Ive seen in years. Amazon FBA makes it effortless 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 send 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 label on it. Then you simply run your advertising and market everything from your webpage on the worlds largest internet shopping website.

Amazon FBA gives you the opportunity to compete with the biggest names in retailstores. Always wanted to start a toy company, move over sites Hasbro. Want a line of jeans along with your name stitched across the pocket, you can now begin for just a couple of thousand in inventory.

Ive got a few interviews on the blog from people who have started stores through Amazon FBA. A couple of them are making high-income incomes in less than a year therefore $5,000 per month is readily attainable in less than that.

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Making valid passive income isnt as difficult as you might think. Some of the best passive income ideas may 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 just to get started.

In part three of the series we'll discuss the differences between residual 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 big differences between remaining 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 that you earn without doing any work. Often times this money comes from investments of time or money that you have 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 that you will get following a sale. Usually these payments are agreed upon in advance and will continue long after the purchase. A fantastic instance of this is royalties that someone gets for 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 permits 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 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 methods to earn residual income. It usually involves a fee which needs to be renewed each month per week, which will allow you to continue to create money after the initial sale.