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Our next passive income notion is another twist on crowdfunding called Patreon. The website is promoted as a crowdfunding website for creative people like artists and writers but really its own 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 website Patreon provides you the opportunity to get patrons for your own works. You build a community of individuals interested in your work, another usage of a blog that does double-duty for 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 work. So to get a writer, you might offer copies of your own books. You could promise to thank patrons on your site or to market 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. Have a look at the Patreon page to get Kinda Funny, an internet video company. They've over 6,209 patrons that means an average of only $3 a month are a monthly income of almost $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 is one of the very exciting income ideas Ive seen in years. Amazon FBA makes it effortless to start your own retail company, to market your own products.

It used to be 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 straight to Amazon warehouses throughout the country.

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

Amazon FBA provides 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 along with your name stitched across the pocket, so you can now begin for just a few thousand in inventory.

Ive got a few interviews on the blog from folks who have started shops 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 hard as you may think. Some of the 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 many years or more. The most important point is simply to get started.

In part three of the series we will go over the differences between residual income and passive income. These two terms are often used interchangeably, but in reality they are not the same thing. There are a number of similarities, but there are also some big differences between residual income and passive income income.Before I move onto part of the Residual Income Series. .

First, lets have a peek at what passive income is. Passive income essentially includes any money that you make without review doing any work. Often times this money comes from investments of time or money which you've already made. With passive income the person does not have to be directly involved with the money they are making.

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Residual income includes payments you will get after a purchase. Normally these payments are agreed upon in advance and will continue long after the purchase. A fantastic 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 permits you to continue to make money from your job.

Earning income can eventually turn into passive income with 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 people 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 that has to be renewed each month per week, which will make it possible for you to continue to create money after the initial sale.