What are multiple streams of passive income in the first place. It is simply a method to get money from different sources without actively working for it. This is not free though. As you may already know, nothing is free. But it is one of the best ways to make enough money to live as you please.
The idea is simple. You make an effort once and you get paid based on that effort until that stream of income dries up. You don’t worry about it because you have multiple streams so you will always be profitable.
The fact is that most people make money by working a job 40 to 60 hours a week. This is called generating active income. But what about generating passive income? This is different to how most people make money. First of all they often call it making a living. They live from paycheck to paycheck. They have only one stream of income: their job. If they get fired they lose their shirt.
How do you do earn passive income
OK, let’s start by saying that nothing is free, you will have to pay a price. This price may be monetary or it may be invested time and efforts. I will reveal to you many ways you can get passive income on this article. Some of them seem free, but because they seem easy, they have huge competition.
This evens out the possibility for you to get something for nothing. I am being honest with you, and if someone tells you that you will get rich tomorrow, they probably want to rip you off.
There are people who have figured out a way to create money without actively working all the time.
Although, generating passive income on the internet may seem like a pipe dream to most people, but it is not. It can be fairly easy generate passive income on the internet, as long as one realizes that it does require some effort, especially in the beginning.
But once you have established your product, or business online you can make money even while asleep this article is about the number of ways you can generate passive income streams online.
What is passive income streams?
What is passive income? Passive income is income a person gets from a business or product they own but are not continually, and actively involved in. For example, if a person brought an apartment building they are not necessarily involve in the day-to-day operations of it.
They might hire a management company to take care of the building. The management company can maintained the property, hire help and collect the rent. However, the person who owns the building still makes money even though they don’t actively participate in it.
E-books to earn a passive stream of income
E-books are a good way to make passive income online. Most e-books are fairly easy to produce. They can take from anywhere from a couple of hours, days or months to write, it all depends on the person.
To create an e-book a person will need e-book software, a website, and a way to market their book.
The topic of your e-book can vary, If you have an idea that does not fall into that category don’t let it stop you from creating an e-book and trying to sell it online. Writing can make you money.
Focus on something that you know a lot about. It could be related to your job, life experience, school work, hobby, etc. Take a piece of paper and write down the subjects that you are knowledgeable about. Then write a few sentences or paragraphs about this subject. This will be the summary for your book. If you sell it online like an e-book it doesn’t need to be long. A few (20 – 30) pages will do the trick. Create a few graphics to complement your descriptions and you are on your way to establishing your first stream of income.
Now, there is more to it than just this. How are you going to publish it? What is going to be your target market? How are you going to collect the royalties? How are you going to advertise it? I will tell you all of this later. I am only giving you basic ideas now.
Do you think that you are not really knowledgeable in a specific subject? You are probably wrong. Everyone knows something about some topic that others don’t know much about. You don’t have to be the exception.
What if you can’t type. I will also tell you how you can hire people to do the job for you, but then it will cost you money. It is better if you can do it yourself. Otherwise, you can also choose another way to generate passive income, like the one I share with you below.
Audiobook is another way to generate passive income online. A person can submit their book or How to approach to life, career. If you already have an e-book, to generate more passive income, create an audible of it.
Unfortunately, a lot of people don’t read because of time constraints or lack of interest and prefer their information through an audible. For the people who do read they might like an audio version to listen to while driving.
Another way to generate passive income is affiliate programs. What are affiliate programs? Affiliate programs allows websites who provide links to your site to get payments or reciprocal advertising in exchange for promoting your website.
If a person is interested in this all they have to do is set up their own website that is specifically caters to selling other companies products. The company whose products you are selling will provide everything: products, tracking the sales, while giving you a commission for each product you sale.
Here you don’t have to create anything. Some individuals have had bad experiences with this industry lately. They claim there is too much competition, that it is expensive and the revenue potential is low. All of this is relative. There is money to be made in affiliate marketing but you have to approach it like a business and not just like a hobby.
You will need just one thing: get creative in your marketing strategies. Most successful Internet marketers use sophisticated marketing techniques. They hardly really share their secrets with anyone. Remember that if you become an affiliate you won’t have to create something, build a pretty looking website, type a sales pitch to convince the buyers, deal with the customers.
Nothing! You just advertise. Advertising also requires time and/or money. But by not having to create the products yourself and not having to deal with the customers you save yourself most of the hassles associated with Internet marketing.
I really believe that affiliate marketing could be a good source of passive and recurring income for anyone. This business require some efforts first, but once your system is set up, you can get money time after time for an effort that you did once.
Referrals for passive income
Referrals are another way to go to generate a passive income. All a person has to do is create a solid base of people who offer services or products related to your business, and every time you refer their services you will receive a commission.
For example, if you were a selling books online, then your can refer people to book review sites or writers site.
The good thing about receiving passive income is that it frees you up to work on other ventures while you earn the money or to have fun and relax. They all require some maintenance on your part. They are different from a traditional business or job though. You can become financially free and even rich if you get a few good sources of passive income.
The catch is that the big effort is on the beginning. You may have to work hard to set up the initial business or venture. Once it starts making money for you and everything is set up, then you can most likely go relax or keep working on other venture to further boost your income,
Once you find your first stream of passive recurring income you should jump to the next opportunity. Your goal should be to have a handful of projects or businesses generating passive income for you. Diversification is the key to success. You never know what could happen tomorrow. Most wealthy people know this. They try to have different sources of revenues.
They invest, trade, start new businesses. They are always looking for new opportunities. You need to think like the rich if you want to become rich. When your first stream of passive income is making money for you, it is a good idea to look for a few other opportunities.
Once you have multiple streams of passive income, you can relax and work a few hours per day to make sure that everything is running smoothly. The idea is not to jump from one business to the other without tying up anything well. Work to set up your first stream of passive residual income and once it is making substantial profits for you, then go find another and another and another, until you have several of them.
Don’t overdo it either because you may find yourself working too much. The idea is to have diversification, so that if one of your ventures fail you will still have the others. Don’t worry, once you start making money like this your life will change. The rest of the profits will come from your investments. So, you don’t need a thousand streams of income just 5 or 6 could be great.
Everyone wants to figure out a way to make money even while they sleep. The ideas listed above are just a few ways to generate a passive income. Although, they require some work and maintenance, they are never-the-less good places to start to creating income you have so far only dream about.
Once these methods of making money are in place, you sit back and have no further investment of time or money ahead of you. You simply enjoy the income.
I would love to hear your thoughts about this post or this site in general.
I will answer all the comments on my website personally so drop me a line below if you have any affiliate marketing questions or comments.
I’m happy to help any way that I can.
Kind Regards Shane.
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