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Before we start, let me explain a few of the terminologies of the passive income globe. There are just two kinds of passive income: Active and Residual. If youre planning to earn some serious money, youre going to need both of them together.
Residual Passive Income: This type of income is one of the secrets to success in your online business and can be successful if you manage to build a source of residual income. Residual income is the form of income where you earn a monthly commission for the selling youve made.
By way of example, if an agency pays you $25 in residual commissions, referring 100 individuals will make you $2,500 a month without doing any job. About 30 percent of Aversity Gold Masterclass members earn residual incomes from goods theyve sold.
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Active Passive Income: This is the kind 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 it all depends on how much money youll earn from each purchase. .
The greatest passive income stream is one which gives you both residual and busy income and so were going to talk about a few approaches to make that kind of incomes online.
The number 1 is your most dangerous number in the world of business. Building a passive income stream that pays you in one source or a business that is getting the majority of its visitors and sales from one platform can be extremely dangerous. It will leave your business in a vulnerable position and a sudden shift in a search engine or an advertising platform can kill your entire business overnight.
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Before we dip down into the world of passive income opportunities, Allow Me to give you a listing of things Im going to teach you :
Im going to begin using the simplest passive income strategy, then we will dive deeper into building a business which pays big commissions daily.
The passive income strategy Im going to share with you is used by companies like Amazon and Apple and its own called affiliate marketing. In this strategy, an affiliate (you) will promote a product using their own special tracking link and when a purchase is made, they will earn a cut, usually percent 5 to 50 percent depending on the solution and the company selling that product. .
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The affiliate marketing was popularized by Amazon but these days, Amazons affiliate application isnt the most popular one. Normally, affiliates earn 50% commissions on sites like Clickbank (which we'll talk about soon) but even thats not the most rewarding affiliate program you can join.
High ticket affiliate programs like Aversity will cover around $3,000 per purchase to affiliates. All these are specific applications that arent generally open for everyone. We will explore different top ticket affiliate applications as we proceed down into this article.
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I could write an entire article to deal with this problem in the online business world. If you follow a few of those so-called YouTube gurus, all youll see is their luxury cars and horses which might give you the impression that you can start a simple affiliate marketing business and rake in $20,000 in a week.
Building an online business takes some time but with the right approach, your journey wont be as painful as mine was. When I began my online business 6 years back, it took me 9 months to earn my first $25 commission. Im not asking you to why not try this out operate 9 months to get a $25 commission, but that I dont want you to think itll be quick.
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To answer the long term question: How much money you can earn in 6 months, I'll need to discuss different business strategies since if you use the strategies that Im planning to share 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 will need to earn $20,000 in commissions by an affiliate network. An average network like Clickbank pays $10 to $100 a sale. If you earn $25 on average per purchase, youll need 800 sales to attain your income goal.