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

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

So now the website Patreon provides you the opportunity to get patrons to your own works. You build a community of individuals interested in your work, another use of a blog that will double-duty with this passive income strategy, and then request them to make contributions each time you create something. .

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Now patrons dont come off empty-handed, you provide benefits and copies of this work. So to get a writer, you might offer copies of your books. You could promise to thank patrons on your blog or to market something of theirs in the long run.

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

Our last passive income source is creating your own brand and selling via 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 market your own products.

It used to be 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, pack it and even put your tag on it. Then you just run your advertising and sell everything from your webpage 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 jeans along with your name stitched across the pocket, you can now get started for only a couple of thousand in inventory.

Ive got a few interviews on the site from people that have started shops through Amazon FBA. Some of them are making high-income incomes in less than a year therefore $5,000 a description 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 thoughts may take a little time to set up but can start cash flowing within a couple of months and will provide a consistent monthly income for many years or more. The most important point is simply to get started.

In part three of this series we will discuss the differences between residual income and passive income. These two terms are often used interchangeably, but in reality 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 proceed onto a part of the Residual Income Series. .

First, lets take a look at what passive income is. Passive income essentially includes any money you earn without doing any job. Often times this money comes from investments of time or money that you have already made. With passive income that 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 get after a sale. Normally 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 this article once, but it can continue to be sold and resold again and again, which allows you to continue to click this create money from your job.

Earning income can eventually turn into passive income with time, as you can eventually earn money without doing an extra work. .

Now that you know the differences between passive and residual income, it is 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 which needs to be renewed each month or week, which will make it possible for you to continue to make money after the initial sale.