There is always something we can’t afford. And the more money we earn, the more we seem to realize we need it. Since we can’t live without it, we might as well find ways of making money without losing our minds.
We’re going to discuss some simple ways to improve your financial situation by adding passive income streams to your current revenue streams.
Passive income sounds too good to be true to those who have yet to get a taste of it. But, even if you’re starting small, you’re still starting another revenue stream.
It is waking up to $500 in your account for a system you set up two years ago.
It is the freedom to live without fear of tomorrow because you can cover your primary needs without breaking a sweat.
Every person would love this, but not everyone knows how to do it. Those who do know don’t always put in the necessary work to reap the fruits later.
Whatever the case, those who persevere always win and find the freedom to live life on their terms.
Why do you need passive income?
You might be thinking, passive income sounds great, but my job pays me well, my business is thriving, debts paid, etc etc. Why exactly do I need passive income?
If we have learned anything from the COVID-19 pandemic, it’s that job security is a scam.
In February this year, Unemployment rates were about 6.2%. Anything can happen, and you might lose that high-paying job faster than you can imagine. Your business can suffer unexpected losses, and things generally change fast.
The only security we truly have is what we own with the full rights and capacity to do with as we please. You can’t say that about your job, and business, in general, can be very volatile.
Passive income is the boat that keeps you afloat when everything else appears to dwindle. There is an art to building multiple revenue streams without spreading yourself too thin. I call it automation.
Here is how I do it:
I have managed to build multiple income streams since I began my online journey. You see, people know me as the Automation King.
After teaching my students the proper automation techniques, I realized there wasn’t an effective platform to help them do this. So, I developed The Automation G.O.A.T. It’s an automation platform that harbors all the tools and resources you need to automate your business processes from lead acquisition to fulfillment.
Inside the platform, I also have affiliate links to courses that talk about traffic generation and a whole lot of other skills. I recommend them to my students because I also took them. And when any of my students purchase the course using my link, I gift them with a dual funnel system.
Others hire my team to build funnels for them. So, the end result is I’m having about four income streams working for me on autopilot.
How you can do it
In the digital era, there are many ways to create automated businesses. I will discuss some methods that I believe anyone can execute with ease. The best part is, these ideas do not have significant upfront costs.
The industries have a low-medium entry barrier, and you don’t need to be an expert to get started.
However, you definitely need to fall in love with growing yourself as an individual on a general level if you are committed to your success journey.
As a side note, I need to mention that passive income requires active effort when starting out and momentum to keep earning down the road. It is all in how well you manage to automate systems and keep providing value as a whole.
Here are some passive income streams:
Sell a digital product
Digital products are becoming all the rage and for good reasons. There is no limitation to the kind of product you can create and sell. It’s also easy to automate the sales process of such products.
You only need to create your product once and sell it over and over again –as long as there is an interested audience for it.
There are several digital products you can create for free using tools online and make good returns. One great example is selling an ebook. Russell Brunson, the co-founder of ClickFunnels, sold over a million dollars of his e-book, which talks about making potato guns.
You don’t have to write a ‘how-to’ e-book; you can create music, printable art, and a range of products depending on your interests. That can be a great way to add a new revenue stream to your current income without incurring so many expenses upfront.
Here are some more digital products that can make you a fortune:
Build a niche site
Are you obsessed with golf? Maybe you love baking bread, or perhaps fishing is your first love. Whatever the case, there are many ways to monetize a niche blog or website with the bulk of the work being done once.
Niche websites make a lot of money by allowing ads to be placed within their pages and by selling products as an affiliate. Spencer of Niche Pursuits is good at this, research his work to brainstorm some ideas. A niche site is a medium maintenance platform that can churn good money for many years.
Interestingly, you are not limited to what you can talk about on your niche site. You can find several exciting evergreen niches to cover, and you can make thousands of dollars passively from your content.
You understand that you have one life. So, live it to your maximum. However, to live large, you need to have the financial capacity for it. That is why it is always a good idea to have multiple income streams.
Don’t get caught up in your comfort.
Take the time and spend some of that money you have been saving to create a new income stream. You won’t necessarily be a success overnight with all of these ideas, but the sky’s the limit with proper execution.
P.S. Want to see what streams of income the tribe has to offer? Head over to the Wavemakers and join in on the conversation!