These 6 passive income streams can make you a millionaire! You can use these 6 passive income streams to generate a monthly income each and every month. We all need to be able to make a living. Making money online is easy if you know how to do it, and what better way to make money than to make money 24/7/365. You can make money while you sleep. You can make a living online by creating multiple passive income streams which send you cash money into your bank account each month without fail. In a previous article I talked about what passive income is and why it’s important. Here are 6 passive income streams you can create to build your fan base, grow your audience and make a passive monthly income.
A note about “passive income”. Technically speaking there is no such thing as passive income. The words passive income implies that it’s easy or there’s no work involved. This couldn’t be further from the truth.
What is passive income?
It’s income that comes in after you’ve put in an initial amount of work. Passive income also continues to generate residual income beyond the initial income generated when you first put in the effort. In other words. You put in work, you get back cash, then you continue to generate cash after the initial work is done. Passive income exists but only to the extent that you put in some kind of work and effort in the beginning to get it moving. Once it gains momentum you can sit back and collect the money each month. A perfect example of this would be using Adsense to generate a consistent monthly income. This means getting a blog or website ranked high in the search engines to generate long term traffic to your blog. This means direct traffic to your website each and every month without fail without much work to maintain it.
6 Powerful Passive Income Streams
- – Advertising Sales – Sell ad space on your blog through ad networks like Google Adsense, Taboola, RevContent, and Content.ad and display advertising. Sell monthly advertising on your blog by subscription (auto renewal). Recurring payments give you a monthly income. The more monthly advertisers you have the more money you make. Keep in mind though, this is limited to how much space you have available on your site. My suggestion would be get your web developer to install an advertising management platform/plugin/app on your blog to manage your ad space. This allows you to maximize your ad space by selling ad slots. Each ad slot on your site can show from 1 to as many as 100 advertisers ads which rotate through the slot at random. You can sell ad impressions which guarantees your advertiser a certain amount of exposure on your site for a set price per impression. You can also sell PPC ads which advertisers can pay per click on their advertisement. Again…you’re limited to the about of space you have on your site.
- – Adsense/Youtube – Youtube and your blog or website can be monetized with Adsense. Do Youtube videos and monetize those videos. You must be a Youtube partner and have at least 1000 subscribers and 4000 watch hours (at the time of this writing) according to Youtube’s policy.
- – Patreon – Online Subscription Service lets you charge subscribers a small monthly fee for premium “Patreon Only” content. This is not exactly passive income because you have to create content each day, week, or month. But it is semi-passive income.
- – Blog Subscribers – Direct blog subscribers through Paypal and Stripe subscription buttons on your blog. Charge for your premium content. Subscription based recurring payments will be deposited into your bank each month.
- – Digital Content Sales – eBooks, how-to videos, audio files, photos, and other digital content you sell for a one time fee or as a subscription based service. Once the digital content is created you can sell it over and over again. Setup an automation system which markets, sells, and delivers your digital content to your customers automatically and you can turn it into a passive income. Update the content every now and then to keep it fresh and it’s about as close to a passive income as you can get.
- – Affiliate Marketing – Amazon affiliate marketing program pays you a small commission for placing affiliate links on your website. When customers click those links and purchase products from Amazon, you get a small commission (up to about 8%). You can also sign up for Clickbank and choose from thousands of digital products to sell. You get paid a commission for each one you sell. It helps to have a website or blog and a large social media audience. The larger your audience the better.
BONUS: eCommerce Drop Shipping – Though not quite a “Passive Income” it is a solid way to make a dependable income IF you use a drop shipping service to ship your products to your customers. You can also use Amazon’s FBA (Fulfillment by Amazon) service to deliver products direct to your customers. If you do it right you never have to touch the product yourself and can effectively drop ship your own products direct from China, to Amazon, then to your customers after they order. This takes work upfront, but it way more hands-off for you because you outsource most of the tedious work. This allows you to focus on sourcing the right products to sell and selling those products to your customers.
BONUS #2 – Start a Membership Site – Sell premium digital content. Videos, podcasts, webinars, etc. Create premium quality content, put it behind a paywall. Charge subscribers a monthly fee to access premium, VIP content. Make sure you have free content too and use that content to sell your site visitors on your premium content.
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