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Our next passive income notion is another twist on crowdfunding called Patreon. The website is promoted as a crowdfunding site for creative people like artists and writers but its 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 utilized to ask the wealthy for their patrons to support their work through regular contributions.

So now the site Patreon gives you the opportunity to acquire patrons for your own works. You build a community of people interested in your work, another usage of a site that will double-duty for this passive income strategy, and then request them to make contributions every time you create something. .

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

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 which means an average of only $3 a month are a monthly income of nearly $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 through Amazon FBA. This really is one of the most exciting income ideas 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 solutions. Together with Amazon FBA, you contract with a manufacturer to ship everything directly to Amazon warehouses across the country.

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

Amazon FBA gives you the opportunity to compete with all 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 get started for just a few thousand in inventory.

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

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Making valid passive income isnt as hard as you may think. Some of the very best passive income thoughts may take a little time to install but can begin money flowing within a few months and will provide a consistent monthly income for years or longer. The most important point is simply to get started.

In part three of the series we'll go over the differences between remaining income and passive income. These two terms 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 big differences between remaining income and passive 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 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 following a purchase. 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 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 create money from your job.

Earning income can eventually turn into passive income with time, since 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 products online: This advice is one of the most common methods to earn residual income. It normally 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.