How To Create Multiple Streams of Passive Income…

If you ask the world’s wealthiest people, they’ll tell you that the secret to wealth lies in building multiple streams of passive income.

What’s passive income anyway?

Simply put, it’s when you do work once to set up the revenue stream. After that, it continues to make money for you, with little or no further work on your part.

There are many traditional ways to generate passive (also called “residual”) income, but they typically require a large upfront investment and are not without risks.

These days however, it’s much easier to build revenue streams for passive income online.

Best of all, with little risk or large upfront investment!

Let’s take a look at the three of the proven ways to make residual income online:

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Network Marketing/MLM

Network or Multi-level Marketing (MLM) is quickly becoming one of the more popular ways to earn passive income. In its most basic form, this structure is based on a line of products/services with distributors who sell and market them.

The distributors also work to recruit other distributors to do the same.

Profits are usually based on what a distributor sells, as well as a percentage of the total volume sold by his or her downline or organization (distributors they've recruited).

Distributors with a large and active downline typically earn solid profits monthly, without needing to do any further work.

Tips on Network marketing/MLM:

? Pick the right company/organization, and join early in its life cycle. This will increase your chances of building a good-sized downline, ahead of the pack.

Look for companies that provide you with quality marketing/promotion tools, including websites and autoresponders.
Fully research any company that you’re considering. Only go with companies that truly offer quality products/services that have value. Anything else is just a “pyramid scheme” that will likely collapse in a few months or weeks, or get shut down.
Focus on recruiting people who are truly interested in the company/products rather than people who are out to make a quick buck. Burn rates are high in this industry because of the “get-rich-quick” people
Only join programs that have credible and successful industry experts involved.

Affiliate marketing

We’ve already discussed what affiliate marketing is several times in this series. But did you know that you can earn residual income from it? Well, you can!

All it takes is focusing your efforts on promoting products and services that are memberships, subscriptions or other recurring revenue models.

So every time someone you refer gets billed, you get paid a commission!

This type of affiliate marketing often requires investing and delving into a high-ticket, quality niche website or blog, as well as a highly-targeted subscriber list.

To find solid recurring revenue affiliate offers, check JVZoo, Clickbank and OfferVault.

Some of the more popular affiliate products that work on a recurring revenue basis include:

Software/apps
Memberships/subscriptions
Website hosting
Supplements (autoship)
Insurance programs

Product creation:

It’s pretty simple isn’t it?

Create a quality product that others will sell for you in order to earn affiliate commissions.

You will get paid long after you create the product.

Simply, rinse and repeat the process over and over again!

To increase sales and lower your product creation costs even further, consider partnering with a prominent marketer with a large following and list for even more money with less risk!

With popular, well-received and quality products, you’ll continue attracting new affiliates for upcoming products, and keep selling for years to come.

And that means more passive income for you!