An ideal financial situation is to have a lot of passive income going into your bank account on a regular basis. Wouldn’t this be amazing? Welcome to the world of multiple sources of passive income.
Remember that passive income is money that you ‘earn’ without working for it and with the internet at your disposal, it can reach you at any time, day or night.
Some examples are Google Ads that people click on your website. Books you sell on Amazon Kindle. Affiliate links where people click on your website to buy a product. Even ads that people click on while watching your YouTube video.
And these are just online examples of passive income streams!
If you are lucky, you may have a main source of passive income, for example, from a website or a book that you are selling. The holy grail, however, is to focus on having so many passive income streams working for you at the same time.
These are called “Passive Income Streams”. They start out as small drops of income from someone who, for example, clicks on one of the Google ads on your website.
Google makes it relatively easy for people to make money from websites and this is called ‘monetization’, a newly derived word that may sound dubious but is important to your profit success.
Then they provide lots of free and detailed resources like ‘Analytics’ so you can study which sites or ads are making you the most money.
This ‘monetization’ may only get you a few pennies up front, but it’s a start. Many of us think that small amounts of money like this are not worth worrying about and that they are not going to make a difference in our lifestyles. But remember, this is a few pennies, here and there, 24 hours a day, every day of the year, and it soon adds up!
The satisfaction comes from adding up all those small amounts of money that come in and watching them grow month by month.
The best way to grow them is to increase the number of websites you have with good content on each one and the other is to increase traffic to your websites by making them interesting for people to visit.
Eventually, as you generate a lot of good content on your websites, other people find them more easily because they move up the search rankings.
Remember, the key is a lot of small income. Don’t put all your eggs in one basket concentrating on just one income stream.