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Our next passive income notion is another twist on crowdfunding called Patreon. The website 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 actually how the arts used to work hundreds of years ago. Back during the renaissance, artists used 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 to your own works. You construct a community of people interested in your job, another usage of a blog that will double-duty for this passive income strategy, and then request them to make contributions every time you produce something. .

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Now patrons dont come away empty-handed, you offer rewards and copies of the work. So to get a writer, you might offer copies of your own books. You can promise to thank patrons on your blog 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 massive source of income. Have a look at the Patreon site to get Kinda Funny, an internet movie company. They have over 6,209 patrons that means an average of just $3 a month would be 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 very 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 dollars for manufacturing, marketing, logistics, everything that went into selling solutions. Together with Amazon FBA, you contract with a manufacturer to send everything directly 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 simply run your advertising and sell everything from your page on the worlds largest internet shopping site.

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

Ive got a couple of interviews on the site from people that have begun stores through Amazon FBA. Some of them are making high-income incomes in less than a year so $5,000 a month is easily achievable in less than that.

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Making legitimate passive income isnt as hard as you might think. Some 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 provide a consistent monthly income for many years or more. The most important point is just to get started.

In part three of the series we'll go over the differences between residual income and passive income. These two terms are often used interchangeably, but in fact they see this website 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 part of the Residual Income Series. .

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

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Residual income includes payments that you will get following a sale. Usually these payments are agreed upon in advance and will continue long after the purchase. 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 job.

Residual income can eventually turn into passive income with time, since you can eventually earn money without doing an excess work. .

Now that you know the differences between passive and residual great site 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 methods to earn residual income. It usually involves a fee that needs to be renewed each month or week, which will allow you to continue to make money after the initial sale.