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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 really how the arts used to operate hundreds of years back. Back during the renaissance, artists used to ask the rich 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 individuals interested in your work, 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 away empty-handed, you offer rewards and copies of this work. So to get a writer, you could offer copies of your books. You can 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. Have a look at the Patreon site for Kinda Funny, an internet movie company. They've over 6,209 patrons which means an average of just $3 a month would be a monthly income of almost $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 through Amazon FBA. This is one of the very exciting income thoughts 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 products. Together with Amazon FBA, you contract with a manufacturer to ship everything straight 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 simply run your advertising and market everything from the webpage on the worlds biggest internet shopping website.

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, so you can now begin for only a few thousand in inventory.

Ive got a few interviews on the blog from people who have started stores through Amazon FBA. A couple of them are making high-income incomes in less than a year so $5,000 per month is readily attainable in less than that.

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Making valid passive income isnt as difficult as you may think. A number of the best passive income thoughts might take a little time to set up but can start money flowing within a few months and will offer a consistent monthly income for years or longer. The most important point is just to get started.

In part three of the series we will discuss the differences between residual income and passive income. Both of these 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 large differences between residual income and passive income income.Before I move onto part of the Residual Income Series. .

First, lets take a look at what passive income is. Passive income essentially includes any money you earn without doing any job. Often times this money comes in investments of time or money that you have made. With passive income the person does not need to be involved with the money that they are making.

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Residual income includes payments you will get after a sale. Usually these payments have been agreed upon in advance and will continue long after the sale. A fantastic instance of this is royalties that someone gets for a film or book. They only write the film or book once, but it can continue to be sold and resold again and anonymous again, which allows you to continue to create 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's time to learn about some of the most common methods individuals 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 normally 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.