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Our next passive income notion is another twist on crowdfunding known as Patreon. The website is encouraged as a crowdfunding website for creative people like artists and writers but really 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 rich to be their patrons to support their work through regular contributions.

So now the site Patreon provides you the opportunity to acquire patrons to your own works. You construct a community of individuals interested in your work, another usage of a site that will double-duty with this passive income plan, and then ask them to make contributions every time you produce something. .

 

 

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Now patrons dont come off empty-handed, you offer rewards and copies of the work. So to get a writer, you could offer copies of your books. You can promise to publicly thank patrons on your blog or to market something of theirs in the long run.

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 video company. They have over 6,209 patrons which means an average of just $3 a month would be a monthly income of nearly $19,000 and they get cheerleaders which are always happy 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 effortless to start your own retail company, to sell 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 send 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 tag on it. Then you just run your advertising and sell everything from the page on the worlds biggest 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, proceed over Hasbro. Want a line of jeans with your name stitched across the pocket, you can now begin for only a couple of thousand in inventory.

Ive got a couple of interviews on the site from folks who have started stores through Amazon FBA. Some 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 legitimate passive income isnt as hard as you might think. A number of the very best passive income ideas might take a little time to install 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 simply to begin.

In part three of the series we will discuss the differences between remaining income and passive income. These two terms are often used interchangeably, but in fact they are not the same thing. There are a number of similarities, but there are also some big differences between residual income and passive income.Before I proceed onto a part of the Residual Income Series. .

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

 

 

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Residual income includes payments you will receive after a sale. Normally these payments are agreed upon in advance and will continue long after the sale. A good example of this is royalties that someone gets to get a movie 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 create 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 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 usually advice involves a fee that has to be renewed each month or week, which will allow you to continue to create money after the initial sale.

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