An ideal financial situation is to have lots of passive income dropping into your bank account on a regular basis. Wouldn’t this be amazing? Welcome to the world of multiple passive income streams.
Remember that passive income is money your ‘earn’ without working for it and with the internet at your disposal, it can come to you at any time, day or night.
Examples are Google ads that people click on, on your website. Books that you sell on Amazon Kindle. Affiliate links that people click on your website to buy a product. Even ads that people click on whilst watching your YouTube video.
And these are just online examples of passive income streams!
If you are lucky, you may have one main passive income source, e.g. from a website or book you are selling. The holy grail though, is to concentrate on having as many passive income sources working for you at the same time.
These are called ‘Passive Income Streams’. They start off by being little drips of income from somebody say clicking on one of the Google ads on your website.
Google makes it relatively easy for people to earn money from websites and this is called ‘monetisation’, a newly derived word which may sound dubious, but it is important to your earning success.
They then provide lots of free and detailed resources such as ‘Analytics’, so you can study which sites or ads are earning you the most money.
This ‘monetisation’ may only earn you a few pence at first, but it’s a start. A lot of us think that small amounts of money like this isn’t worth bothering with and isn’t going to make a difference to our lifestyle. But remember that this is a few pence, here and there, for 24 hours a day, everyday of the year and it soon adds up!
The satisfaction comes from adding up all those little amounts of money coming in and seeing them grow month by month.
The best ways to make them grow is to increase the number of websites you have with good content on each and the other is to increase traffic to your websites by making it interesting for people to visit them.
Eventually, as you generate lots of good content on your websites, other people find them more easily because they go up in the search rankings.
Remember, lots of little bits of income is the key. Don’t put all your eggs in one basket by concentrating on just one income stream.