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Our next passive income notion is another twist on crowdfunding called Patreon. The website is promoted as a crowdfunding website for creative people like artists and writers but 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 rich to be their patrons to support their work through regular contributions.

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

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

Even if every 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 have over 6,209 patrons which means an average of only $3 a month would be a monthly income of nearly $19,000 plus 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 is one of the very exciting income ideas Ive seen in years. Amazon FBA makes it effortless 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 products. Together 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 label on it. Then you simply run your advertising and market everything from the page on the worlds biggest internet shopping site.

Amazon FBA provides you the opportunity to compete with all 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 begin for just a see post couple of thousand in inventory.

Ive got a few interviews on the blog from folks that have begun stores through Amazon FBA. A couple of them are making six-figure incomes in less than a year so $5,000 a month is readily achievable 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 may take a little time to install but can start money flowing within a couple of months and will offer a consistent monthly income for years or longer. The most important point is just to begin.

In part three of this series we will discuss the differences between remaining income and passive income. Both of these phrases are often used interchangeably, but in fact they are not the same thing. There are some similarities, but there are also some big differences between remaining income and passive income.Before I move onto part of the Residual Income Series. .

First, lets take a look 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 that the person does not need to be involved with all the money that they are making.

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Residual income includes payments you will get after a purchase. Normally 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 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.

Residual income can eventually turn into passive income over time, since 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 goods online: This is one of the most common methods to earn residual income. It normally involves a fee which needs to be renewed each month per week, which will make it possible for you to continue to make money after the initial sale.

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