Building Passive Income Streams

Building Passive Income Streams

Building passive income streams is the smartest thing anyone can be doing to set themselves up for the future.

Financial freedom and flexibility is something almost everyone strives for in life, and with the number of programs, courses and other passive income opportunities around online and off-line, living with complete financial freedom and flexibility is within anyone’s reach if they are willing to put in the work.

I now work online after having worked my arse off in the concrete industry for 14 years and trust me…now when I look back I cannot believe I wasted all that life making someone else rich and setting their future up, not myself or my families.

First of all, let’s make sure we know and understand what a passive income is.

What Is A Passive Income

Definition from google

“Passive income is earnings derived from a rental property, limited partnership, or another enterprise in which a person is not actively involved in”.

There are many different ways someone can go about building a passive income, but for the majority of passive income earners, their passive incomes are streaming in from online

Different Types Of Passive Income Streams

  • Rental Properties
  • Affiliate Marketing
  • Dividend Stocks
  • Rent Out Your Car
  • Create A Course & Sell Online
  • Write & Sell An eBook
  • Sell Photos Online
  • Build A Shopify Store
  • Create An App
  • Network Marketing
  • Invest In A Business

The digital world is upon us and opportunity is everywhere.

The rewards for building a solid passive income are endless and ideally, complete financial freedom and flexibility is the overall goal.

All passive incomes require effort, time, and sometimes money spent on them initially, The idea is that once your passive business is set up and running you can start backing off, and only have to check progress, updates, maintenance, etc which only require a small amount of time,

For example – You work 10 hours per week and get paid like you are working 100.

How To Create A Passive Income Stream

Depending on your personal situation, which kind of passive income business is best for you will vary from person to person, however, I do know that the majority of people looking to build a passive income are not loaded with cash, and are usually already working part-time or full time to cover living expenses.

Because of this, I will introduce Affiliate Marketing as a possible passive income stream for you as this can be set up and started for free, and can be worked on overtime.

Affiliate marketing is one of the most popular passive income stream opportunities today, It can be done from anywhere around the world, at any time, and you do not need any of your own products or services.

Some of the benefits of affiliate marketing…

  • You are actually building a passive income stream, not working for a week to week payslip.
  • Extremely easy to set up and start
  • You are your own boss
  • Work your own hours
  • Work where you want
  • We live in a digital world now and will only continue to grow this way, Get online and start establishing your own brand, business or identity before it gets too hard to fit in
  • Can pass your business over to my family or friends
  • Spend more time with family & friends

 AND THE OVERALL OUTCOME – COMPLETE FINANCIAL FREEDOM & FLEXIBILITY

The overall goal that we ultimately want is exactly that, complete financial freedom and flexibility,

I think the big misconception about affiliate marketing is that because it’s easy to set up and start, people expect to be rich overnight with little effort, but I can tell you first hand that it does take effort, consistency, patients, and usually a few months before you will start seeing and financial results in return.

Remember once you start making money, you just have to make things bigger and better and the money will continue to flow and grow.

At some stage, there will be a turning point, where you can start spending fewer hours on your affiliate marketing business and still have the same amount of cash flow coming in. The more we do the more we get out in return.

Where Can We Start Affiliate Marketing

This is the big question. Where to start?

Before I let you know where to go to start a free affiliate marketing business I just want you to know that I have made money with Shopify stores and tried paid surveys. I started my online ventures buying and selling domain names ( Domain Flipping ).

Paid surveys are great if you want just a little extra cash, and this is still not a passive income and if you are just looking for this you can try Survey Junky

Dropshipping with Shopify is great and some part of me kind of wants to go back there but there is so much more to manage and overall affiliate marketing was the overall winner in my eyes.

I studied affiliate marketing at the Wealthy Affiliate University. I actually signed up with them 2 years before I started working my way through there training, I wish I had started earlier.

Wealthy Affiliate offered a few things that allot of other training platforms and courses did not and overall, this gave me a chance to test drive the system and see for myself if it is something I would want to pursue before having to invest.

The main points for me were…

  • They did not ask for my credit card number when creating an account
  • A free website
  • Free website hosting
  • Free website security
  • Free step by step training videos to get you set up and running. It blew my mind how easy this was.
  • Free live help and a huge helpful community
  • Thousands of affiliate programs for me to join
  • Everything I needed to get up and running as an affiliate marketer and to start building my online empire

Find out more about Wealthy Affiliate Here

To Start Your Free Membership With Wealthy Affiliate Please Click The Banner Below, No Credit Card Needed

 

If you are looking at building a passive income online please understand that there is no get rich quick scheme and that Wealthy Affiliate is a great way to really get up and going.

In reality, allot of people expect instant results, This is crazy and nothing in life works like that. If you put in that work and stick with it, over time the money will come. There is loads of help out there and inside of the Wealthy Affiliate community itself.

Don’t be shy to ask questions and don’t be scared to reach out to me directly at… luke@firstclassaffiliate.com

The biggest thing anyone can do in there life to turn things around is to TAKE ACTION and give things a go. Nothing ventured, Nothing gained.

As always any comments/questions, please leave below and I will be sure to read and/or reply.

Comments (4)

  1. Reply

    Insightful post and well written Luke. However, I will say anyone serious about affiliate marketing must consider investing their money as well as time to do so.

    • Reply

      I could not agree more. I think most people will get to a certain point where they will realize that spending a little can indeed bring them in a lot more. Everything takes time If anyone expects to get rich quick from this…you will not. It does take dedication and hard work.

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