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

Patreon is actually how the arts used to work hundreds of years ago. Back during the renaissance, artists utilized to ask the wealthy to be 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 build a community of individuals interested in your work, another use of a blog that will double-duty for this passive income plan, and then ask them to make contributions every time you create something. .

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Now patrons dont come off empty-handed, you offer rewards and copies of the job. So to get a writer, you could offer copies of your books. You can promise to publicly 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 huge source of income. Take a look at the Patreon site to get Kinda Funny, an internet video company. They've over 6,209 patrons which means an average of just $3 a month are a monthly income of nearly $19,000 plus 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 through Amazon FBA. This is one of the most exciting income thoughts Ive seen in years. Amazon FBA makes it effortless to start your own retail company, to market your own products.

It was that you needed hundreds of thousands of bucks for manufacturing, marketing, logistics, everything that went into selling products. With Amazon FBA, you contract with a manufacturer to send everything straight 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 website.

Amazon FBA provides 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 with your name stitched across the pocket, so you can now begin for only a couple of thousand in inventory.

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

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Making legitimate passive income isnt as hard as you may think. Some of the best passive income thoughts may take a little time to set up but can start cash flowing within a few months and will offer a consistent monthly income for years or more. The most important point is simply to get started.

In part three of the series we will discuss the differences between residual income and passive income. Both of these 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 residual income and passive income income.Before I move onto a part of the Residual Income Series. .

First, lets have a look at what passive income is. Passive income basically includes any money that you earn without doing any job. Often times this money comes from investments of time or money which you've made. With passive income the person does not have to be directly involved with all the money that 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 sale. A good 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 make 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 Recommended Reading 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 ways to earn residual income. It normally involves a fee which has to be renewed each month or week, which will make it possible for you to continue to create money after the initial sale.