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Our next passive income notion is another twist on crowdfunding called 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 really how the arts used to work hundreds of years back. Back during the renaissance, artists utilized to ask the wealthy for 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 strategy, and then ask them to make contributions each time you create something. .

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Now patrons dont come away empty-handed, you offer benefits and copies of this job. So for a writer, you could offer copies of your books. You could promise to 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 massive source of income. Have a look at the Patreon site for 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 almost $19,000 and they get cheerleaders that are always happy 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 thoughts Ive seen in years. Amazon FBA makes it easy to start your own retail company, to market your own products.

It was that you needed hundreds of thousands of dollars for manufacturing, marketing, logistics, everything that went into selling products. Together with Amazon FBA, you contract with a manufacturer to send everything straight to Amazon warehouses across 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 just run your advertising and sell everything from the page on the worlds biggest 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 browse around this site Hasbro. Want a line of jeans with your name stitched across the pocket, so you can now get started for only a few thousand in inventory.

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

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Making valid passive income isnt as difficult as you may think. Some of the best passive income thoughts might take a little time to install but can start cash flowing within a couple of months and will offer a consistent monthly income for years or more. The most important point is just to begin.

In part three of this series we will go over the differences between remaining 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.Before I proceed onto a 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 job. Often times this money comes from investments of time or money which you've made. With passive income that the person does not need to be involved with all the money they are making.

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Residual income includes payments you will receive after a sale. Normally these payments have been agreed upon in advance and will continue long after the purchase. A fantastic example of this is royalties that someone gets for a film 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 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 you know the differences between passive and residual income, It's 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 usually involves a fee that has to be renewed each month per week, which will allow you to continue to make money after the initial sale.