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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 really its own for anyone with a side-hustle idea.

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

So now the website Patreon provides 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 provide benefits and copies of this job. So to get a writer, you could offer copies of your books. You could promise to publicly thank patrons on your blog or to market something of theirs in the long run.

Even if each patron only contributes a very small amount every month, it can still be a huge source of income. Have a peek at the Patreon page to get Kinda Funny, an internet movie company. They've over 6,209 patrons which means an average of just $3 a month are a monthly income of almost $19,000 and they get cheerleaders which 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 most exciting income thoughts 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 bucks for manufacturing, marketing, logistics, everything that went into selling products. 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 put everything together, pack 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 gives you the opportunity to compete with the biggest names in retailstores. Always wanted to start a toy company, move over Hasbro. Want a line of blue jeans with your name stitched across the pocket, you can now begin for just a few thousand in inventory.

Ive got a few interviews on the blog from folks who have started stores through Amazon FBA. A couple of them are making six-figure incomes in less than a year therefore $5,000 a month is readily attainable in less than that.

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Making valid passive income isnt as hard as you might think. A number of the very best passive income thoughts may take a little time to install 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 just to get started.

In part three of the series we'll discuss the official statement differences between residual income and passive income. Both of these phrases 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 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 that you earn without doing any work. Often times this money comes from 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 they are making.

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Residual income includes payments that you will get after a sale. Normally these payments have been agreed upon in advance and will continue long after the purchase. A good instance of my explanation 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 create 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, content 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 methods 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 make money after the initial sale.