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Our next passive income notion is another twist on crowdfunding called Patreon. The site is promoted 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 operate hundreds of years back. Back during the renaissance, artists used to ask the wealthy to be their patrons to support their work through regular contributions.

So now the website 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 site that does double-duty with this passive income plan, and then request them to make contributions every time you create something. .

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

Even if each patron only contributes a very small amount each month, it can still be a massive source of income. Take a peek at the Patreon site for Kinda Funny, an internet video 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 and they get cheerleaders that 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 very 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 solutions. Together with Amazon FBA, you contract with a manufacturer to ship everything straight to Amazon warehouses throughout the country.

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The manufacturer is going to put everything together, pack it and even put your tag on it. Then you just run your advertising and market everything from the webpage 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, proceed over Hasbro. Want a line of jeans along with your name stitched across the pocket, you can now begin for only a few thousand in inventory.

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

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Making valid passive income isnt as difficult as you may think. A number of the very best passive income thoughts might take a little time to install but can begin 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'll go over the differences between remaining income and passive income. These two phrases are often used interchangeably, but in reality they are not the exact same thing. Our site There are some similarities, but there are also some large differences between remaining income and passive income.Before I proceed onto a part of the Residual Income Series. .

First, lets have a peek at what passive income is. Passive income essentially includes any money you make without doing any job. Often times this money comes in investments of time or money that you have made. With passive income the person does not have to be involved with all the money they are making.

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Residual income includes payments that you will get following a sale. Usually these payments have been agreed upon in advance and will continue long after the purchase. A good 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 allows you to continue to create money from your job.

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 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 that has to be renewed each month or week, which will allow you to continue to make money after the initial sale.