It is true that passive income is very powerful. However, if you want to get more time off to spend with your family, as well as more money, then you should look for ways to get multiple streams of income and passive income at the same time. This way, you will have a continuous source of income from various sources all at once, thus leaving you with more money and time in the long run.
In a nutshell, passive income refers to money that you get regularly without having to put in a lot of effort. Multiple streams of income, on the other hand, refer to money that you get from different sources. Thanks to the World Wide Web, there are a lot of methods out there that you can turn to nowadays to get these types of income.
Network marketing, for one, can be a very good source of passive income. After all, there will hardly be any barriers in your way when you start a network marketing venture. In general, the startup costs are very low and you will never have to think about overhead costs or hiring employees. The tax benefits are great when it comes to home businesses, as well.
Of course, network marketing isn’t suitable for everyone and it takes consistent effort and hard work in order to succeed with it, so make sure you manage your expectations if you opt for this method. Other methods you can look into to get passive income include web hosting, online marketing services, web design services and software products.
Another popular method you can look into is called advertising commissions. This would be ideal for you if you already have a personal website on the Internet. All you have to do is place a link or banner onto your website and you will get a monthly commission for doing so. If you have an ebook or an ezine, you can provide advertising space on those, as well. If you use Google Ads, you can get a commission every time somebody clicks on an ad that you place on your website.
Naturally, your success with this method will also depend on how much traffic your website gets on a daily basis. So, the more loyal followers you have, the more money you will get out of it.
If you love to write ebooks, then you can earn some income through them, as well. Just keep writing valuable ebooks and make sure they suit your target market. Since ebooks are inexpensive to produce, you can generate an ongoing income for several years with each one. Plus, if you want, you can even get affiliates to help you sell them in exchange for a small commission.
Now, remember: generating multiple streams of income will require patience and consistent effort, as well as great resources, knowledge and education. However, if you are committed to building your online presence and skills, you are sure to succeed in the long run.
