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

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

So now the website Patreon provides you the opportunity to get patrons for your own works. You build 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 off empty-handed, you provide benefits and copies of the work. So for a writer, you could offer copies of your books. You could promise to thank patrons on your blog or to promote something of theirs in the long run.

Even if each patron only contributes a very small amount every month, it can still be a huge source of income. Have a look at the Patreon site for Kinda Funny, an internet video company. They have over 6,209 patrons that means an average of only $3 a month are a monthly income of almost $19,000 plus 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 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 bucks for manufacturing, marketing, logistics, everything that went into selling solutions. 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 label on it. Then you just run your advertising and sell everything from your page on the worlds largest internet shopping site.

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

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

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Making valid passive income isnt as hard as you may think. Some of the very best passive income ideas may 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 longer. The most important point is just to get started.

In part three of this series we will go over the differences between remaining income and passive income. These two phrases 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 large differences between residual income and passive 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 job. Often times this money comes in investments of time or money that you have made. With passive income the person does not have to be involved with the money that they are making.

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Residual income includes payments that you will get following a purchase. Normally these payments company website have been agreed upon in advance and will continue long after the purchase. 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 make money from your work.

Earning income can eventually turn into passive income with time, since 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 products online: This is one of the most common ways to earn residual income. It usually involves a fee which has to be renewed each month or week, which will make it possible for you to continue to make money after the initial sale.