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

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

So now the website Patreon gives you the opportunity to acquire patrons for your own works. You build a community of individuals interested in your job, another use of a site that does double-duty for this passive income plan, and then request them to make contributions every time you create something. .

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Now patrons dont come away empty-handed, you offer rewards and copies of this job. So to get a writer, you might offer copies of your own books. You can promise to thank patrons on your site or to market something of theirs in the long run.

Even if each patron only contributes a very small amount each month, it can still be a huge source of income. Have a look at the Patreon site for Kinda Funny, an internet movie company. They have over 6,209 patrons that 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 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 market your own products.

It used to be 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 directly to Amazon warehouses throughout 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 webpage on the worlds largest internet shopping site.

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

Ive got a few this link interviews on the blog from people who have begun shops through helpful site Amazon FBA. Some of them are making six-figure incomes in less than a year so $5,000 a month is easily 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 start money flowing within a few months and will provide a consistent monthly income for many years or more. The most important point is simply to begin.

In part three of this series we will go over the differences between residual income and passive income. These two terms 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 residual income and passive income.Before I move onto a part of the Residual Income Series. .

First, lets take a look at what passive income is. Passive income basically includes any money that you make without doing any work. Often times this money comes from investments of time or money that you have already 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 that you will get following a purchase. Normally these payments have been agreed upon in advance and will continue long after the sale. A fantastic example of this is royalties that someone gets to get 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 work.

Earning 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 people 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 that needs to be renewed each month or week, which will allow you to continue to create money after the initial sale.