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Our next passive income notion 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 actually how the arts used to operate hundreds of years back. Back during the renaissance, artists used to ask the wealthy for their patrons to support their work through regular contributions.

So now the website Patreon provides you the opportunity to acquire patrons for your own works. You construct a community of people interested in your job, another usage of a blog that does double-duty with this passive income strategy, and then ask them to make contributions every time you create something. .

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

Even if each patron only contributes a very small amount every 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 have over 6,209 patrons which means an average of just $3 a month would be a monthly income of nearly $19,000 and they get cheerleaders which are always pleased to spread the word on their brand. .

Our past passive income source is creating your own brand and selling via Amazon FBA. This 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 dollars for manufacturing, marketing, logistics, everything that went into selling solutions. 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, pack it and even put your tag on it. Then you simply run your advertising and market everything from your 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, 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 who have started shops through Amazon FBA. A couple of them are making six-figure incomes in less than a year therefore $5,000 per month is readily achievable 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 thoughts may take a little time to install but can begin money 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 this series we will discuss the differences between remaining 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 remaining income and passive income income.Before I proceed onto a part of the Residual Income Series. .

First, lets take a look at what passive income is. Passive income basically includes any money 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 that the person does not have to be directly involved with the money that they are making.

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Residual income includes payments you will get after a find more information sale. Usually these payments have been agreed upon in advance and will continue long after the purchase. A fantastic instance of this is royalties that someone gets to get 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.

Earning 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, it is time to learn about some of the most common methods people use to earn residual income:

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-Selling goods online: This is one of the most common ways to earn residual income. It normally involves a fee which needs to be renewed each month or week, which will make it possible for you to continue to create money after the initial sale.