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Our next passive income notion is another twist on crowdfunding known as Patreon. The site is promoted as a crowdfunding site for creative people like artists and writers but its own 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 used to ask the rich for their patrons to support their work through regular contributions.

So now the site Patreon provides you the opportunity to get patrons to your own works. You construct a community of individuals interested in your work, another usage of a site that does double-duty with this passive income strategy, and then ask them to make contributions every time you produce something. .

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Now patrons dont come away empty-handed, you provide rewards 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 promote something of theirs in the long run.

Even if every patron only contributes a very small amount each month, it can still be a huge source of income. Have 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 nearly $19,000 and they get cheerleaders which are always happy to spread the word on their brand. .

Our past passive income source is creating your own brand and selling via Amazon FBA. This is one of the most exciting income ideas Ive seen in years. Amazon FBA makes it easy 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 products. With Amazon FBA, you contract with a manufacturer to ship everything straight 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 just run your advertising and market everything from your page on the worlds biggest 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, proceed over Hasbro. Want a line of jeans along with your name stitched across the pocket, you can now begin for site here only a couple of thousand in inventory.

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

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Making legitimate passive income isnt as hard 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 few months and will offer a consistent monthly income for years or more. The most important point is just to begin.

In part three of the series we'll discuss the differences between residual income and passive income. These two phrases are often used interchangeably, but in fact they are not the exact same thing. There are some similarities, but there are also some big differences between residual income and passive income income.Before I proceed onto a part of the Residual Income Series. .

First, lets have 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 in investments of time or money which you've made. With passive income the person does not need to be directly involved with the money that they are making.

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Residual income includes payments that you will receive after a sale. Usually these payments have been agreed upon in advance and will continue long after the purchase. A fantastic example 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 create money from your job.

Residual 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 goods online: This is one of the most common ways to earn residual income. It normally involves a fee that needs to be renewed each month or week, which will make it possible for you to continue to make money after the initial sale.