Quick Answer: Yes, affiliate marketing can certainly make you rich (very rich, in fact) but in order to become rich from affiliate marketing you will need to first master the process & put in a good amount of work. If that sounds like something you’re up for, you can get started today with our free training.
Can affiliate marketing make you rich? And just how quickly can you make money with affiliate marketing? Those are 2 of the most popular questions that myself & Simon get asked every single day at Commission Academy.
In fact, we get asked them so often that we decided to publish an entire blog post about them.
So if you too have been wondering if affiliate marketing can really make you rich then rest assured that you’ve landed in exactly the right place to find out the REAL answer. In this blog post, you’ll learn everything you need to know, including how much you can make with affiliate marketing & how quickly you can begin earning.
Let’s dive right in then…
Can Affiliate Marketing Make You Rich?
Affiliate marketing won’t make you rich but providing you’re willing to learn about the process & put in some work (or leverage some investment) then you can certainly become rich from affiliate marketing, for sure.
And whilst we don’t like to boast, both myself & Simon are living proof of that.
You see, since getting started we’ve managed to collectively generate over $1 million in all-time affiliate commissions & have even managed to generate over six figures in a single calendar year…
All through affiliate marketing.
And we’re not alone in that. There are actually many affiliate marketers that have become rich simply by promoting products or services online… But as to how many, well that depends on how you define “rich”.
Pulling the stats from Scaleo, however, here are some facts;
- The affiliate marketing industry is worth $12 billion.
- Half of all affiliate marketers earn approximately $1660 a month, on average.
- 3% of all affiliate marketers make over $150k a year.
Would you define an income of $1,660 per month as being rich?
In 2020 (the same time those stats were published), the average salary in the Philippines was approximately 45 thousand Philippine pesos which equates to around $870 USD.
In that instance, an affiliate marketing income of $1,660 per month could be defined as being rich which would mean that to people living in the Philippines, half of all affiliate marketers could be classed as rich.
But the same might not be said for people living in the USA, where the average salary is reported to be $56,310.
Based on that statistic, half of the affiliate marketers could be classed as poor.
But remember, for many affiliate marketers, it’s not their full-time occupation, they just do it in their spare time… So that income of $1,660 per month could actually be added on top of that average salary of $56,310.
That would bring them to a total yearly income of $76,230.
So, do you believe an income of $76,230 would class you as rich?
Personally, I’d say that would at least allow you to live a very comfortable lifestyle, regardless of where you live in the world… But remember, that’s still only the average for the majority of affiliate marketers.
There are other affiliate marketers, such as the top 3% that earn far more.
The top 3% of affiliate marketers are reported to earn over a whopping $150k per year & many of them will earn well in excess of that. I’ve personally shaken hands with several affiliates who have been earning well in excess of $500,000 per year & a handful who have been making in excess of $1,000,000 per year.
I think, by anybody’s standards, that would define you as being rich – in the monetary sense, at least.
Overall richness, of course, comes from friendships, good health & so on.
Next question then…
How Can You Get Rich With Affiliate Marketing?
And the common trend that you’ll notice with the strategies that can get you rich is that they all revolve around something known as passive income – which, in short, is an income that requires minimal effort to maintain.
The reason for that is that in order to get rich with affiliate marketing, you need to leverage your time.
For example, if you were to simply grab your affiliate links & share them on sites like Facebook then you may well earn commissions, but in order to continue earning you would have to continue posting & sharing new links.
This means that you’d be trading your time for money & as there are only so many hours in a day, it also means that you’d likely find your income would become capped. You’d struggle to earn more once you’d hit that limit.
So what can you do instead?
Well, you could leverage an alternative method, such as the method of “Online Content Creation” instead which basically involves creating content online (such as videos or blog posts) and then promoting things via those.
You see, when you create content online, search engines (such as Google) discover it & then they list it within their results as an option for people to click on whenever they search for something that’s related to it.
This means that once you’ve published the content, it could begin getting visitors from search engines for many years to come, all from an initial one-time effort… And as an affiliate, you can promote things to those visitors.
So not only can you begin making money, but you can also then start compounding your income by creating more content. The more content that you create, the larger your income can grow.
And that’s the biggest trick to getting rich with affiliate marketing – finding a method that pays passive income.
Hint: that’s exactly what we teach here at Commission Academy. 😏
Also, alongside that, if you have money to invest then you could leverage paid advertising. That basically enables you to leverage money to grow your business, rather than your time… And once you’ve found a campaign that works then you can quickly scale it up (by investing more money) and potentially become rich.
But you do need to be a bit careful with paid advertising especially if you’re new to affiliate marketing because whilst it can prove to be very lucrative, it could also result in you losing a lot of money.
I’d always recommend rolling with one of the free methods, such as writing articles or creating videos first. That way you can gain an understanding of how to make money with affiliate marketing without spending money first.
But in short, becoming rich with affiliate marketing isn’t actually all that difficult. It just requires persistence.
How Soon Can You Begin Making Money?
Technically speaking, you could make money right away. You could sign up for an affiliate program, share your affiliate link with a friend, get them to purchase something & make a commission as a result.
But that’s just “technically speaking”.
In reality, most affiliate programs will want to see that you have an established website or some other legitimate source of traffic before they accept you into their program… And similarly, many won’t allow you to share your link with friends or family.
So this means that you’ll need to first learn about affiliate marketing & work towards creating a traffic source.
As to how long this takes, well, it varies from person to person so there’s no one-size-fits-all answer. Everybody learns at different speeds & some people may have more time to be able to work on their business than others.
As a general rule of thumb though, we recommend giving yourself at least 3-6 months before expecting to begin generating revenue. It may happen sooner, it may take a little longer… But by taking the focus off generating revenue, you’ll be able to focus more on learning about the process & that’ll likely help you to get moving faster.
Watch this video to get a rough idea of how long it could take you to start making money with affiliate marketing:
The good news though is that once you do start gaining momentum with your business it’ll likely begin to grow much faster. So whilst it may take a while to earn your first commission, future commissions will likely come faster & faster until you eventually reach a point at which they’re coming in every single day or even every single hour.
Do You Need Any Skills or Experience?
Nope, not at all – and that’s one of the most amazing things about affiliate marketing. Anybody can do it.
Providing you’re willing to learn, take action on what you learn & stay consistent for a period of time then you can absolutely see success with affiliate marketing, that’s all it takes.
You can get started with Commission Academy completely free of charge & we’ll show you step-by-step how you can launch your affiliate marketing business & of course, how you can get rich from affiliate marketing. 🤑
P.S. if you have any additional questions, don’t hesitate to leave them below.