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

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 website Patreon provides 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 will double-duty for this passive income plan, and then ask them to make contributions each time you produce something. .

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

Even if every patron only contributes a very small amount every month, it can still be a massive source of income. Have a look at the Patreon page for Kinda Funny, an internet movie company. They've over 6,209 patrons that 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 is one of the most exciting income thoughts Ive seen in years. Amazon FBA makes it effortless to start your own retail company, to market your own products.

It was that you needed hundreds of thousands of bucks for manufacturing, marketing, logistics, everything that went into selling products. With Amazon FBA, you contract with a manufacturer to send everything straight to Amazon warehouses across the country.

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The manufacturer is going to put everything together, pack it and have a peek at this website even put your tag on it. Then you just run your advertising and sell everything from your page on the worlds largest internet shopping site.

Amazon FBA provides 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, you can now get started for just a few thousand in inventory.

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

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Making valid passive income isnt as difficult as you may think. Some of the very best passive income thoughts might take a little time to install but can start money flowing within a couple of months and will offer a consistent monthly income for years or longer. The most important point is just to begin.

In part three of this series we'll go over the differences between residual income and passive income. These two phrases are often used interchangeably, but in reality they are not the exact same thing. There are some similarities, but there are also some large differences between residual income and passive Your Domain Name income income.Before I move onto a part of the Residual Income Series. .

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

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Residual income includes payments that you the original source will get following a sale. Usually these payments have been agreed upon in advance and will continue long after the sale. A good 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 make 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 products online: This is one of the most common methods to earn residual income. It normally involves a fee that needs to be renewed each month or week, which will make it possible for you to continue to make money after the initial sale.