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

Patreon is actually how the arts used to operate 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 site Patreon provides you the opportunity to acquire patrons for your own works. You construct a community of individuals interested in your work, another usage of a site that will 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 provide benefits and copies of this job. So for a writer, you could offer copies of your books. You can promise to publicly 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. Take a peek at the Patreon page for Kinda Funny, an internet movie company. They have over 6,209 patrons that means an average of only $3 a month are a monthly income of nearly $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 via Amazon FBA. This is one of the very exciting income thoughts 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 bucks for manufacturing, marketing, logistics, everything that went into selling products. Together with Amazon FBA, you contract with a manufacturer to send everything straight to Amazon warehouses across the country.

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

Amazon FBA gives 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 jeans with your name stitched across the pocket, so you can now get started for only a few thousand in inventory.

Ive got a couple of interviews on the blog from folks who have started stores through Amazon FBA. Some of them are making six-figure incomes in less than a year therefore $5,000 a month is readily achievable in less than that.

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

In part three of this series we will discuss the differences between residual income and passive income. These two phrases are often used interchangeably, but in reality they are not the 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 part of the Residual Income Series. .

First, lets take a peek at what passive income is. Passive income basically includes any money that you make without doing any job. Often times this money comes from investments of time or money that you have made. With passive income that the person does not need to be involved with all the money they are making.

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Residual income includes payments you will receive following a purchase. Usually these payments have click for info been agreed upon in advance and will continue long after the sale. A good example of this is royalties that someone gets for a film or book. They only write the film or book once, but it can continue to be sold and resold again and again, which allows 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 excess 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 normally involves a fee that needs to be renewed each month per week, which will allow you to continue to create money after the initial sale.

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