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

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

So now the site Patreon provides you the opportunity to get patrons to your own works. You construct a community of people interested in your work, another use of a site that will double-duty for this passive income plan, and then ask them to make contributions every time you produce something. .

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Now patrons dont come away empty-handed, you provide rewards and copies of the job. So for a writer, you could offer copies of your own books. You could promise to publicly thank patrons on your site or to market something of theirs in the future.

Even if each patron only contributes a very small amount each month, it can still be a massive source of income. Have a look at the Patreon page for 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 plus they get cheerleaders that 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 really is one of the most exciting income ideas 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 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 simply run your advertising and sell everything from the webpage on the worlds largest internet shopping website.

Amazon FBA provides you the opportunity to 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 only a couple of 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 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 may think. A number of the best passive income ideas might take a little time to set up but can begin money flowing within a few months and will offer a consistent monthly income for many years or more. The most important point is just 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 a number of similarities, but there are also some large differences between remaining income and passive income income.Before I proceed onto a 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 in investments of time or money that you have 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 receive after 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 to get 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 permits you to continue to make money from your work.

Earning 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'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 i thought about this 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.