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Before we start, let me explain some of the terminologies of the passive income globe. There are just two types of passive income: Lively and Residual. If youre planning to earn some serious money, youre going to need both of these together.
Residual Passive Income: This kind of income is one of the secrets to success in your online business and can be powerful if you manage to build a source of residual income. Residual income is the type of income in which you earn a monthly commission for the sale youve made.
By way of example, if a service pays $25 in residual commissions, referring 100 individuals will make you $2,500 a month without doing any work. About 30% of Aversity Gold Masterclass members earn residual incomes from products theyve sold.
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Active Passive Income: This is the type of money you earn by selling a product, or a service. The main difference between residual and active income is that active passive income is a one-time compensation and also you dont keep earning commissions from your 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 every sale. .
The best passive income flow is one that provides you both residual and busy income and so were going to talk about a couple of approaches to create that kind of incomes online.
The number 1 is your very dangerous number in the realm of business. Building a passive income stream that pays you from one supply or a business that's getting most of its visitors and earnings from one platform can be terribly dangerous. It will leave your business in a vulnerable position and a sudden shift in a search engine or an advertising platform can destroy your entire business overnight.
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So 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 get started using the easiest passive income strategy, then we'll dive deeper into building a business that pays you big commissions every day.
The passive income plan Im about to discuss with you is used by companies like Amazon and Apple and its called affiliate marketing. In this strategy, an affiliate (you) will promote a product using their own unique tracking link and when a purchase is made, they will earn a cut, typically percent 5 to 50% depending on the product and the company selling that product. .
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The affiliate marketing was popularized by Amazon but nowadays, Amazons affiliate program isnt the hottest one. Usually, affiliates earn 50% commissions on websites like Clickbank (which we will discuss soon) but even thats not the very rewarding affiliate program you can join.
High ticket affiliate programs for example Aversity will pay up to $3,000 per purchase to affiliates. All these are specific programs that arent generally open for everyone. We'll explore different top ticket affiliate programs as we move down into this article.
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I could write an entire post to deal with this issue in the online business world. If you stick to a few of those so-called YouTube gurus, all youll see is their luxury cars and horses which might provide you the impression that you can begin a simple affiliate marketing business and rake in $20,000 in weekly.
Building an online business takes time but with the right strategy, your journey wont be as More Info 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: How much money you can earn in 6 months, I'll need to go over 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 earn $20,000 a month in passive income, you'll need to earn $20,000 in commissions from an affiliate network. An normal network like Clickbank pays $10 to $100 a sale. Should you earn $25 on average per sale, youll need 800 earnings to achieve your income objective.
