Having multiple passive income streams is the key to financial freedom. A job will continue to pay you for work you do. Passive income pays you for work you have already done, and it pays you again and again. That’s why passive income is much better than income you have to work for continually. When you trade time for money, when you get ill or stop working your income stops too. With passive income, your income keeps coming whether you stop or not. Passive income is the best way to ‘leverage’ your time to create many continuous ‘trickles’ of income.
Multiple Passive Income Streams – Trickles
Passive income streams start with income ‘trickles’. A tiny income trickle which requires no or little upkeep, is powerfulÂ over time. It keeps coming no matter what. By focusing on creating one of these at a time, and then growing it, you can eventually build multiple passive income streams. This may require a lot of work initially. However, over time a passive income stream requires less and less of your time, and continues to grow and gain momentum.
Your First Passive Income Stream – An Online Income Trickle
The internet is a great way to build income trickles. When I first started out online I had several websites which all made a ‘trickle’ income from Google’s Adsense program. Initially, there was a lot to learn and I struggled. After some time I was making a little passive income from Google’s Adsense program. Adsense lets you place some code on your website and this creates adverts. When your visitors click on your adverts, you make a small commission.
The best part is that it is totally hands off. You can also use Adsense on YouTube. By creating video content which attracts views, you can earn a nice passive income from either Google or YouTube. But you do need to create good content which people want to see.
Multiple Passive Income Streams – Write An E-book
Here’s another passive income strategy: write an e-book. You can downloadÂ my e-book “Niche Blogging For Profit“for free. You can either sell your e-book online or give it away in exchange for an email. Why email? Because an email list is a great resource from building your next passive income trickle.
Multiple Passive Income Streams – Build An Email List
Building an email list is one of the key strategies which online marketers use to build a passive income. Email autoresponders allow you to automate the collection of email addresses and the delivery of emails. This is very powerful because you can build your list to the tens and hundreds of thousands. Combining this strategy with delivery of digital products can create a very powerful passive income. Especially when it’s done right.
Take a look at this video with Stuart Ross who will explain further.
Multiple Passive Income Streams – Next Step
Think of each little income ‘trickle’ as seeds which will grow into nice streams and eventually rivers. Each one needs a little bit of attention each day. Ignore them and they won’t grow into the strong gushing river which they can eventually become. Over time they will grow by themselves and require less work.
Multiple Passive Income – Affiliate Marketing
Affiliate marketing lets you promote and sell other people’s products around the internet. It’s the main strategy of many online marketers. In conjunction with building a list of subscribers it can be a very powerful strategy for building a passive income. However, you still need to do the work upfront in order to benefit later from the automation. It can take some time to get up and running with your affiliate business. There’s a few benefits to starting an internet business:
- Automation – An online business can be largely automated. This means that systems and strategies can help you reach a global audience and sell products largely on autopilot. Tools like autoresponders, landing pages and marketing platforms can massively leverage your business in ways unavailable inÂ traditional bricks and mortar businesses.
- Flexibility – An online business gives you the ability to work from anywhere globally with a laptop and internet connection. You can start around existing employment and build it up to eventually replace your current job or career.
- Ability to leverage and scale – Unlike a local business, an internet business can benefit from a global audience. By choosing the right products to promote you can sell internationally without having to actually touch a product or even speak to a customer.
Multiple Passive Income Streams – Blogging
Blogging offers a low cost strategy available to anyone which can build a passive income over time. Initially there is some work to be done. However, as your blog gathers more traffic from the search engines, and your content gets shared across social media, your presence can grow exponentially. A good site with lots of content can gather momentum as it becomes more prevalent online. Getting a website to the stage where it is freely shared means you can benefit from organic growth. Having a well monetised website means that as your number of visitors grows so does your income. Grab a copy of my Niche Blogging For Profit e-book which explains how this can be done.
See also passive streams of income ideas.