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Our next passive income idea is another twist on crowdfunding known as Patreon. The website 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 ago. Back during the renaissance, artists used to ask the wealthy to be their patrons to support their work through regular contributions.

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

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Now patrons dont come off empty-handed, you provide benefits and copies of the work. 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 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 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 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 most exciting income thoughts Ive seen in years. Amazon FBA makes it easy 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 products. 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 set your label on it. Then you just run your advertising and market everything from the webpage on the worlds biggest internet shopping site.

Amazon FBA provides you the opportunity to compete with the biggest names in retail. Always wanted to start a toy company, move over Hasbro. Want a line of blue jeans along with your name stitched across the pocket, you can now get started for just a couple of thousand in inventory.

Ive got a few interviews on the site 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 a month is readily 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 longer. The most important point is just to begin.

In part three of the series we'll go over the differences between remaining income and passive income. Both of these 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 large differences between residual income and passive income.Before I move onto a part of the Residual Income Series. .

First, lets have a look at what passive income is. Passive income essentially includes any money you earn without doing any work. Often times this money comes from investments of time or money which you've 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 that you will get after a purchase. Usually More Help these payments are agreed upon in advance and will continue long after the purchase. A good example of this is royalties that someone gets to get a film or book. They only write the film 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 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 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 or week, which will allow you to continue to make money after the initial sale.