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

Patreon is really how the arts used to work 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 site Patreon gives you the opportunity to get patrons for your own works. You build a community of people interested in your work, another use of a blog that does double-duty with this passive income strategy, and then ask them to make contributions each time you produce something. .

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Now patrons dont come off empty-handed, you offer benefits and copies of the job. So for a writer, you might offer copies of your books. You could promise to publicly thank patrons on your blog or to market something of theirs in the future.

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 page for Kinda Funny, an internet video company. They've over 6,209 patrons which means an average of only $3 a month would be a monthly income of almost $19,000 and they get cheerleaders that are always happy to spread the word on their brand. .

Our past passive income source is creating your own brand and selling via Amazon FBA. This really is one of the very exciting income thoughts 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 products. With Amazon FBA, you contract with a manufacturer to ship everything directly to Amazon warehouses across the country.

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The manufacturer is going to put everything together, pack it and even set your tag on it. Then you simply run your advertising and market everything from the webpage on the worlds largest internet shopping site.

Amazon FBA gives you the opportunity to compete with all the biggest names in Click Here retailstores. Always wanted to start a toy company, move over Hasbro. Want a line of jeans with your name stitched across the pocket, so you can now get started for just a couple of thousand in inventory.

Ive got a couple of interviews on the blog from people that have begun shops through 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 might think. A number of the best passive income thoughts may take a little time to set up but can begin cash flowing within a few 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 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 some similarities, but there are also click for source some big differences between remaining income and passive income income.Before I proceed onto part of the Residual Income Series. .

First, lets take a look at what passive income is. Passive income essentially includes any money that you make without doing any job. 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 directly involved with all the money that they are making.

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Residual income includes payments you will receive following a purchase. Usually these payments are agreed upon in advance and will continue long after the purchase. A fantastic example of this is royalties that someone gets important source for a movie or book. They only write the film or book once, but it can continue to be sold and resold again and again, which allows you to continue to create money from your work.

Residual income can eventually turn into passive income with time, since you can eventually earn money without doing an excess 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 methods to earn residual income. It usually involves a fee which needs to be renewed each month per week, which will allow you to continue to make money after the initial sale.