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

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

So now the site Patreon gives you the opportunity to acquire patrons to your own works. You construct a community of people interested in your work, another usage of a blog that does double-duty with this passive income plan, and then ask them to make contributions each time you create something. .

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

Even if each patron only contributes a very small amount every month, it can still be a huge source of income. Have a look at the Patreon page for Kinda Funny, an internet movie company. They've over 6,209 patrons which means an average of just $3 a month would be a monthly income of nearly $19,000 and they get cheerleaders which are always pleased 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 was 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 ship everything directly to Amazon warehouses throughout the country.

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The manufacturer is going to hop over to here put everything together, pack it and even set your label on it. Then you simply run your advertising and market everything from your page on the worlds biggest internet shopping website.

Amazon FBA provides you the opportunity to compete with the biggest names in retail. 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 begin for only a couple of thousand in inventory.

Ive got a few interviews on the site from people who 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 attainable in less than that.

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

In part three of this series we'll discuss the differences between residual income and passive income. These two terms are often used interchangeably, but in reality 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 move onto a part of the Residual Income Series. .

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

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Residual income includes payments you will get following a sale. Usually these payments are agreed upon in advance and will continue long after the sale. A fantastic example of this is royalties that someone gets for 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 permits 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 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 goods online: This is one of the most common ways to earn residual income. It normally involves a fee which needs to be renewed each month per week, which will allow you to continue to create money after the initial sale.