I took the entire summer off of work to spend more time with my children, and I got a check every month for doing nothing. That is the power of residual income. If you want that kind of time freedom, then the solution is to create both passive income AND multiple streams of income.

Passive income is money received on a regular basis, with little effort required to maintain it. Multiple streams of income means that you have money coming in from various sources. There are lots of ways to create both online.

An excellent way to generate residual income or passive income, is through network marketing. Top financial gurus such as Robert Kiyosaki, Donald Trump and even Former President Bill Clinton, have identified network marketing as an excellent business opportunity. One reason is that there are few barriers to entry. For instance, there are generally low start-up costs, and you don't have to worry about employees or overhead. In addition, there are great tax benefits when you have a home business.

However, network marketing is not the answer for everyone. It takes hard work and consistent effort to be successful, so it's important to have realistic expectations. You also need to be careful when selecting a network marketing company, and examine such factors such as the products, compensation plan, company track record, training, retention rate, and systems of marketing and duplication.

The network marketing industry is well positioned for growth as more and more people are looking for additional income, especially in today's economy. And the Internet is really helping the industry grow and evolve. More and more people are using the Internet to build their network marketing business, using the principles of attraction marketing. The goal of attraction marketing is to create value for people through content and information, and develop relationships before even presenting your opportunity.

The Internet has also created new ways to earn passive income, including web hosting, software products, internet marketing services, and custom web design services.

One of the more popular ways is through advertising commissions. If you have a website, you can put a banner or link on your site and collect a monthly fee for doing so. You can also offer advertising space in your ezine or ebook, or put Google Ads on your website. When someone clicks on the ad, you get a commission.

Another method that has become increasingly popular and allows you to create both passive income and multiple streams of income is affiliate marketing. With affiliate marketing, you make money by promoting products and services for companies. It's a good idea to diversify and choose multiple services and products so you don't put all your eggs in one basket and so that you create multiple income streams. When you're choosing an affiliate program make sure that it meets your target market's needs and provides value. Look at the amount of commission the affiliates pay and the number of tiers on which they pay commissions so that you can also get paid when one of your affiliates makes a sale.

Affiliate marketing has low barriers to entry. You don't have to invest anything, in fact most affiliate programs are free. And the companies do most of the work for you: they provide the products, track the sales and give you a commission for each sale. Many programs even give you training and marketing support to help you succeed.

Ebooks are another way you can create passive income online. You can write an ebook about any subject that is valuable for your target market. Ebooks are not expensive to produce and can generate ongoing income for years to come. You can even add an affiliate program by getting other people to sell your ebook for a commission.

Like anything else, creating income online requires consistent effort and patience. Education is essential and there are great resources to help you. If you are willing to commit the time it takes to develop your skills and establish a positive online presence, then you can have great results. And when you succeed in generating both multiple streams of income and passive income, you will be able enjoy what too few people have - both time and money.