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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 really its for anyone with a side-hustle notion.

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

So now the website Patreon gives you the opportunity to get patrons for your own works. You construct a community of people interested in your job, another usage of a site that will double-duty for this passive income strategy, and then ask them to make contributions each time you create something. .

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Now patrons dont come off empty-handed, you provide benefits and copies of this job. So for a writer, you might offer copies of your own books. You could promise to publicly thank patrons on your blog or to market 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 peek at the Patreon site to get Kinda Funny, an internet video company. They've over 6,209 patrons that means an average of just $3 a month are a monthly income of almost $19,000 and they get cheerleaders which are always happy to spread the word on their brand. .

Our last 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 effortless to start your own retail company, to sell 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. 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 market everything from the webpage on official source the worlds biggest internet shopping website.

Amazon FBA gives you the opportunity to browse around this web-site compete with the biggest names in retailstores. Always wanted to start a toy company, move over Hasbro. Want a line of blue jeans along with your name stitched across the pocket, you can now get started for just a few thousand in inventory.

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

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Making valid passive income isnt as hard as you might think. A number of the best passive income ideas may take a little time to set up but can start money flowing within a few months and will provide a consistent monthly income for years or more. 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. 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 big differences between residual income and passive income income.Before I move onto part of the Residual Income Series. .

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

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Residual income includes payments you will get after a purchase. Usually these payments are agreed upon in advance and will continue long after the sale. A good instance of this is royalties that someone gets for a film 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 work.

Residual 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 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 that needs to be renewed each month per week, which will allow you to continue to make money after the initial sale.