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

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

So now the website 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 blog that does double-duty for 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 rewards and copies of this work. So to get a writer, you might offer copies of your books. You could promise to publicly thank patrons on your site or to market something of theirs in the future.

Even if every patron only contributes a very small amount each month, it can still be a massive source of income. Take a peek at the Patreon site for Kinda Funny, an internet movie company. They've over 6,209 patrons which means an average of only $3 a month would be a monthly income of nearly $19,000 and they get cheerleaders that are always pleased to spread the word on their brand. .

Our last passive income source is creating your own brand and selling through Amazon FBA. This really 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 solutions. 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 tag on it. Then you just run your advertising and market everything from the page 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, move over Hasbro. Want a home line of jeans with your name stitched across the pocket, so you can now begin for just a couple of thousand in inventory.

Ive got a few interviews on the blog from people who have begun stores through Amazon FBA. A couple of them are making high-income incomes in less than a year so $5,000 a month is readily attainable in less than that.

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Making valid passive income isnt as hard as you might think. A number of the very best passive income ideas might take a little time to set up but can begin money flowing within a couple of months and will provide a consistent monthly income for years or longer. 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. Both of these 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.Before I move onto 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 from investments of time or money that you have already made. With passive income the person does not have to be directly involved with the money they are making.

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Residual income includes payments that you will get following a purchase. Normally these payments have been agreed upon in advance and will continue long after the sale. 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 allows you to continue to make 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'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 normally involves a fee that has to be renewed each month per week, which will allow you to continue to make money after the initial sale.