The online space can seem oversaturated these days. But did you know you don't need a million followers to make passive income with affiliate marketing? While creating passive income with affiliate marketing does not happen overnight, it can lead to substantial income in the long run. Here's how to get started...
1. Pick your preferred platform.
From TikTok to Pinterest, pick your preferred platform to create engaging content. It doesn't need to be a social media platform either. Podcasting is another great way to provide valuable content.
2. Build a loyal community on a social media platform.
Note that you don't need a gazillion followers on any social media platform. It just has to be a loyal following.
For example, start a YouTube channel in a niche that provides value to viewers. When you have a significant following, it's time to collaborate.
3. Reach out to businesses and brands for affiliate marketing and sponsorship opportunities.
What products or services would you recommend that align with your values and go with the content you are providing to your audience?
If you have a YouTube channel, you can allow YouTube to run ads on your videos.
Which passive income strategy is the best to build wealth?
Ultimately, creating passive income can help you take off the golden handcuffs of working in the 9-5 cubicle life.
Multiple passive income streams can help free up your time and energy to do other activities that you enjoy but may not be income producing.
As business owners, creating passive income can help you serve a lot more people without burning out.
The best passive income strategy for building wealth is one that is aligned with your strengths and interests.
Your passive income strategy should feel exciting to you.
You're more likely to stick with the passive income strategy that excites you. When you are intrinsically motivated, it is more sustainable in the long run.
For instance, I had the choice of renting out my condo before I moved across the country. If I did so, each month's rent payment from the renter would have been passive income.
But having been a homeowner for five years, I did not enjoy dealing with home maintenance and other responsibilities. I knew that I would not enjoy being a landlord as those same responsibilities would carry over.
So I prefer other passive income methods like index fund investing. Doing so is much more in alignment with my strengths and interests. For people who love being home owners, they are likely better off investing in rental properties.
There are so many ways to create passive income streams but no one-size fits all strategy. It doesn't mean you have to do it all.
Start with one passive income strategy and see which works best for you! Which passive income idea best suits your personality?
Ready to replace your salary with passive income?
In 2019, I quit Corporate America, sold my condo and moved across the country. In that order, within a month.
I tried leaving the 9-5 grind 3 times. The first time was ugly and messy. Second time was a little better. Third time was the charm.
In my mid-30s, I reached financial independence retire early (FIRE) by replacing my salary with passive income.
I was finally able to leave a career that was no longer a good fit by creating multiple income streams from investments and side hustles.
More importantly, it was time to get away from East Coast winters! So I quit my job, sold the condo and moved across country. I gave everything away and just shipped my car.
I left all my furniture behind. I took my favorite pair of heels though. Other than that, I shipped my car and gave away everything else.
It was time to start a new chapter. Being born and raised in Hawaii, I had enough of East Coast winters. So I picked Southern California as my new home.
Although, I didn't have another job lined and was just starting up my business, I was financially independent.
Prior to resigning, I had played around with different side hustles and invested consistently in stock market index funds.
We all know it's not an easy journey to financial freedom, let alone change careers. Join me along my new chapter in sunny California!
Which passive income idea best suits your personality?
Quiz: Best Passive Income Idea for Your Personality!
Create multiple passive income streams.
Whether it's passively or actively earned, millionaires have an average of seven income streams. After all, having multiple income streams is one of the great keys to wealth.
There are many ways to create passive income streams. You don’t even have to start a business to do so.
This includes drop-shipping other people's products, creating an online course, affiliate marketing, renting out your car, and so on. Investing in rental properties is a great way to create passive cash flow too.
Whether you are looking for another side hustle or run a full-time biz, there are an increasing number of ways to make money.
About to take the leap? Already resigned?
When it comes to being a corporate dropout, there’s one thing I know for sure. It’s not as easy or glamorous as it seems on the surface.
There’s a lot of unknowns involved. They say fear of missing out (FOMO) is a real thing. Well fear of the unknown is also no joke.
While I don't recommend resigning without a plan, sometimes you know when enough is enough.
Creating passive income helped me leave the 9-5 lifestyle once and for all. It wasn't easy leaving a steady paycheck and company benefits behind.
A Corporate Dropout's Guide to Passive Income:
For years, I tried different passive income side hustles, from creating digital products to index fund investing.
Eventually, I got to get a feel of what I enjoyed doing and let go of the activities that were not as enjoyable.
Here's one thing I learned: The best passive income strategy for you is one aligned with your strengths and interests.
Which passive income idea best suits your strengths and interests?