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Although few people consciously pursue this objective, multiple passive income streams are indeed the quickest way to financial freedom.
And there is no better time to start on that trajectory than right now, as the New Year beckons.
Why Multiple Passive Income Streams?
Well, two pay checks are better than one. Three are even better. Get the point? When you have an online business, you pretty much write your own paychecks. So why write just one when you can write yourself more checks?
If you want to make more money online, why restrict your endeavour to only one method? Especially if you can start producing multiple passive income streams. Passive income streams are sources of revenue that you can set and more or less forget. They require little effort to maintain and reap regular profits from.
But just in case you’re not convinced, here are a few more reasons…
Competition online is getting tougher.
As more people turn to the internet to make money, it is no secret that competition in most niches has gotten stiffer. To succeed, you may have to get a lot better at what you do, or simply move to markets where it is easier to make money.
Revenue-sharing advertising programs is one such market that you can benefit from.
Spread your risk.
Over the last few years, revenue-sharing advertising programs have become one of the easiest ways to generate a passive online income.
However, it is a very young inexperienced industry. In 2016, some of the biggest revenue-sharing programs ran into problems with third-party payment processors such as Paypal.
As a result, many people who had put all their eggs into a single revenue sharing program suddenly lost out as the revenue share program suddenly had its funds frozen and was unable to maintain payments. Those people suddenly saw their sole online income source dry up over night.
That is why you should shock-proof your business by diversifying into a few different programs and markets.
The trick is to diversify without losing focus, so seek out 5 or 6 reliable programs that have stood the test of time.
Here is my list of tried and tested programs that I work with. It includes my top revenue-sharing advertising recommendation (as I continue to recommend that you work with rev-shares) along with several other reliable affiliate programs.
Every business is subject to the ups and downs of market cycles. Therefore, you need a way to cushion yourself from the shock of unavoidable downtrends. When one income stream starts to shrink, your other income streams can keep you afloat.
Create your business in such a way that you can generate income even while you’re not actively involved in the sales process. Your online business must be able to generate sales while you are doing your own thing if you are to benefit from financial freedom.
Also, if you’re earning passively, you will have more time to create even more passive online income streams. In January 2017 I will be recommending a new revenue-sharing program to add to your portfolio…
The idea of generating multiple incomes is very exciting. But only those who proceed carefully can reap tangible results with passive income over the long term. Stop for a moment and take time to put down a solid plan of action, and prepare for the success that 2017 has in store!