Why You need Multiple Streams of Passive Income
20138 could be your best year ever financially. Over the last few years, people have been hurting during these economic times. Which is why many people are turning to affiliate marketing. With affiliate marketing, you get income from the internet in a multiple stream! And you can develop new income streams while you are still working your day job.
People who only work a day job (like I did) are learning the hard way that you are never safe. You never ever know when you could lose the day job or become ill and not be able to work. So you need to protect yourself. You need to have a backup plan.
My back up plan is affiliate marketing. Affiliate marketing is generating passive income. With internet marketing, I make extra cash for really cheap. It is almost like free money.
And if you are an affiliate marketer, eventually you will want to have multiple streams of income. Meaning that you want to promote different products from different Affiliates from different niches.
And here’s why…
Even if you promote products within an “evergreen” niche things can change at any time down the road. For example, if someone told you just 3 years ago that eventually, people wouldn’t have home telephones you would have never believed it. But now in 2013 70% of homes have no house phone since each family member has a cell. So if you were in a niche that sold phones, you might be in trouble.
And imagine if the affiliate company that you are marketing suddenly changed their terms of service and are no longer paying the same way. It could affect your income.
So for me, I have several different niches and I market products for several different companies which in turn gives me multiple streams of passive income.
I feel more secure knowing that if something happens with one of my income streams (although it will hurt) I will still have money coming in from other places.
But if you are new to affiliate marketing…
You will want to focus on one stream of income at first. Plant the seeds and watch your garden grow. Do the work and grow your income within that niche. Get really good. Set up your sites or articles. Then once you are bringing in some consistent residual income from that method, you may want to move on to a different niche. Do this again and again. Eventually, you will have multiple streams of passive income from home.
This is how I have grown my business over time. I think it is important to have several income streams coming in. I now have multiple streams passive income coming in.
What about you? Do you think multiple streams of passive income would benefit your future?