![]() But they are all worth considering, depending on your current circumstances, your experience and skills and the amount of money you have available to begin with. Some of these will take more work to set up than others and some are a lot riskier. Create some videos and upload to YouTube, enabling advertising.Promote affiliate products – particularly ones with recurring income.Here’s a list of just some forms of passive income: Okay, so it’s pretty obvious that having multiple streams of income – passively – is the way to go. You’ve heard the saying “Don’t put all your eggs in one basket”, right? Passive Income Ideas For example, if you’re earning an affiliate commission from a membership site and that membership site closes. But the point is that if you can focus on setting up a few sources of income in this way, it allows you to earn more without working more every single week.īy growing this type of income from different sources, it offers you added protection should one of those income streams suddenly stop. The reason passive income is so good pretty much goes without saying. Benefits of multiple streams of income Image courtesy of Presenter This is where you’re earning an on-going passive income, but from multiple different sources. Now, the better option is to have multiple streams of passive income. When done correctly, the pay-off will be that you then put less in over time but the profit can continue well into the future. ![]() I know, that’s not sounding very exciting so far, but we’re getting to the good part. In fact, often the work you put in during those early days will be for $0 return at first, quite possibly requiring you to invest some money to get started. ![]() The main thing here though is that the income doesn’t rely on you working x amount of time in exchange for an hourly rate. That’s it in a very simple form.ĭepending on the income stream, there is usually some on-going effort required. But then you sit back and relax while the on-going monthly commissions continue to flow in. For example, if you promote a product that gives you recurring commissions, you put a little effort into this initially, in promoting the product and making a sale. Passive income is basically income that you generate without doing much for it on an on-going basis. Having multiple streams of passive income is even better! So, what is passive income? There’s no doubt about it … having a passive income is a great idea.
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