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Before we start, let me explain some of the terminologies of this passive income world. There are 2 kinds of passive income: Lively and Residual. If youre planning to earn some serious money, youre going to need both of them together.
Residual Passive Income: This type of income is one of the keys to success in your online business and can be successful if you manage to construct a supply of residual income. Residual income is the form of income where you earn a monthly commission for the sale youve made.
For instance, if a service pays $25 in residual commissions, referring 100 people will make you $2,500 a month without doing any work. Approximately 30% of Aversity Gold Masterclass members earn residual incomes from goods theyve sold.
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Active Passive Income: This is the kind of money you earn by selling a product, or even a service. The main difference between residual and busy income is that active passive income is a one-time compensation and you dont keep earning commissions from the sale. 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 flow is one which gives you both residual and busy income and were going to speak about a few approaches to make that kind of incomes online.
The number 1 is the most dangerous number in the world of business. Building a passive income stream that pays you in one source or a business that is getting most of its visitors and earnings 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 dive down into the world of passive income opportunities, Allow Me to give you a list of things Im going to teach you here:
Im going to begin with the easiest passive income strategy, then we will dive deeper into building a business which pays you big commissions daily.
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 strategy, an affiliate (you) will promote a product using their own special tracking link and when a sale is made, they will earn a cut, usually percent 5 to 50 percent depending on the product and the company selling that product. .
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The affiliate marketing was popularized by Amazon but these days, Amazons affiliate program isnt the hottest one. Usually, affiliates earn 50% commissions on websites like Clickbank (that we'll discuss soon) but even thats not the most rewarding affiliate program you can join.
High ticket affiliate programs like Aversity will cover up to $3,000 per sale to affiliates. All these are specific applications that arent generally open for everyone. We'll explore different high ticket affiliate applications as we move down into this article.
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I could write an entire post to deal with this problem in the online business world. If you stick to a few of the so-called YouTube gurus, all youll see is their luxury cars and horses which may give you the impression that you can begin a simple affiliate marketing business and rake in $20,000 in weekly.
Building an online business takes some Go Here time but with the ideal strategy, your journey wont be as painful as mine was. When I started my online business 6 years back, it took me 9 months to earn my first $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 terms question: Just how much money you can earn in 6 months, I'll need to go over different business strategies since if you apply the approaches that Im planning to discuss here, you can go well beyond the $20,000 a month goal in no time.
In order to earn $20,000 per month in passive income, you will need to earn $20,000 in commissions by an affiliate network. An average 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 goal.