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Our next passive income idea is another twist on crowdfunding called Patreon. The website 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 actually how the arts used to work hundreds of years ago. Back during the renaissance, artists utilized to ask the rich for their patrons to support their work through regular contributions.

So now the site Patreon gives you the opportunity to acquire patrons to your own works. You build a community of individuals interested in your job, another usage of a blog that does double-duty with this passive income strategy, and then request them to make contributions each time you produce something. .

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Now patrons dont come away empty-handed, you provide benefits and copies of this job. So to get a writer, you might offer copies of your own books. You could promise to 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 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 nearly $19,000 and they get cheerleaders which 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 really is one of the very exciting income ideas Ive seen in years. Amazon FBA makes it easy 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. Together with Amazon FBA, you contract with a manufacturer to ship everything straight to Amazon warehouses across the country.

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

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

Ive got a couple of interviews on the site from people that have started stores through Amazon FBA. A couple of them are making high-income incomes in less than a year so $5,000 per month is go now readily achievable in less than that.

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Making legitimate passive income isnt as hard as you might think. A number of the best passive income thoughts might take a little time to set up but can start cash flowing within a few months and will provide a consistent monthly income for many years or more. The most important point is just to begin.

In part three of this series we will discuss the differences between remaining income and passive income. These two phrases are often used interchangeably, but in fact they are not the same thing. There are a number of similarities, but there are also some large differences between remaining income and passive income 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 earn without doing any job. Often times this money comes in investments of time or money that you have already made. With passive income that the person does not need to be involved with the money that they are making.

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Residual income includes payments that you will receive after a sale. Normally these payments have been agreed upon in advance and will continue long after the purchase. A good 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 permits you to continue to make money from your job.

Earning income can eventually turn into passive income over time, since 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 usually involves a fee that has to be renewed each month or week, which will allow you to continue to make money after the initial sale.