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Before we begin, let me explain a few of the terminologies of this passive income world. There are 2 types of passive income: Active and Residual. If youre planning to make some serious money, youre going to need both of them together.
Residual Passive Income: This type of income is one of the secrets to success in your online business and can be successful if you manage to build a source of residual income. Residual income is the form of income where you earn a monthly commission for the sale youve made.
For example, if an agency pays $25 in residual commissions, referring 100 individuals will make you $2,500 per month without doing any job. About 30% of Aversity Gold Masterclass members earn residual incomes from products theyve sold.
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Active Passive Income: This is the kind of money you earn by selling a product, or a service. The main difference between staying and busy income is that busy passive income is a one-time compensation and you dont keep earning commissions from your purchase. This has its own pros and cons which Im not going to get into, but everything depends on how much money youll earn from each sale. .
The best passive income stream is one that gives you both residual and busy income and so were going to speak about a few approaches to create that kind of incomes online.
The number 1 is your very dangerous number in the world of business. Building a passive income stream that pays you from one supply or a business that is getting the majority of its visitors and sales from one platform can be extremely dangerous. It will leave your business in a vulnerable position and a sudden shift in a search engine or an ad platform can kill your entire business overnight.
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Before we dip down into the world of passive income opportunities, let me give you a listing of things Im going to teach you here:
Im going to begin with the simplest passive income strategy, then we'll dive deeper into building a business which pays you big commissions every day.
The passive income strategy Im about to share with you is utilized by companies like Amazon and Apple and its called affiliate marketing. In this approach, an affiliate (you) will promote a product using their own special tracking link and when a sale is made, they will earn a reduction, typically percent 5 to 50 percent depending on the solution and the company selling that product. .
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The affiliate marketing was popularized by Amazon but these days, Amazons affiliate application isnt the hottest one. Normally, affiliates earn 50% commissions on websites like Clickbank (that we will discuss soon) but even thats not the most lucrative affiliate program you can join.
High ticket affiliate applications like Aversity will cover up to $3,000 per purchase to affiliates. All these are special programs that arent usually open for everyone. We'll explore different top ticket affiliate programs as we move try these out down into this article.
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I could write an entire post to address this problem in the online business world. If you follow a few of those so-called YouTube gurus, all youll see is their luxury cars and horses which may give you the impression which you can begin a simple affiliate marketing business and rake in $20,000 in a week.
Building an online business takes time but with the right approach, your journey wont be as painful as mine was. When I started my online business 6 years ago, it took me 9 months to earn my initial $25 commission. Im not asking you to work 9 months to get a $25 commission, but I dont want you to think itll be fast.
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To answer the long term question: Just how much money you can earn in 6 months, I will need to discuss different business strategies since if you apply the strategies that Im planning to discuss here, you can go well beyond the $20,000 per month goal in no time.
In order to make $20,000 a month in passive income, you will need to earn $20,000 in commissions by an affiliate network. An normal network like Clickbank pays affiliates $10 to $100 a sale. If you earn $25 on average per sale, youll need 800 earnings to attain your income objective.