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Our next passive income idea is another twist on crowdfunding called Patreon. The site is promoted as a crowdfunding website for creative people like artists and writers but its for anyone with a side-hustle idea.

Patreon is really how the arts used to operate hundreds of years ago. Back during the renaissance, artists utilized 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 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 the job. So for a writer, you could offer copies of your own 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 peek at the Patreon page to get Kinda Funny, an internet movie company. They have over 6,209 patrons that means an average of just $3 a month would be a monthly income of nearly $19,000 plus 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 through 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 sell your own products.

It used to be that you needed hundreds of thousands of dollars for manufacturing, marketing, logistics, everything that went into selling solutions. With Amazon FBA, you contract with a manufacturer to send everything directly to Amazon warehouses across the country.

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The manufacturer is going to put everything together, package it and even put your tag on it. Then you just run your advertising and sell everything from the page on the worlds largest internet shopping website.

Amazon FBA gives you the opportunity to compete with all the biggest names in retail. 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 few interviews on the blog from folks that have started shops through Amazon FBA. A couple of them are making six-figure incomes in less than a year therefore $5,000 a month is readily 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 set up but can start money flowing within a couple of months and will provide a consistent monthly income for years or longer. The most important point is just to get started.

In part three of the series we'll go over the differences between additional resources 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 some similarities, but there are also some large differences between remaining income and passive income.Before I proceed 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 make without doing any job. Often times this money comes in investments of time or money which you've made. With passive income that the person does not have to be involved with all the money that they are making.

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Residual income includes payments you will receive after a sale. Usually these payments are agreed upon in advance and will continue long after the purchase. A fantastic instance 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 create money from your job.

Residual income can eventually turn into passive income with time, as you can eventually earn money without doing an excess 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 goods 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 or week, which will make it possible for you to continue to make money after the initial sale.