KEvin,
there is no right way to do this – the bottom line is, you need all 3 components to have a real business: a product, a list, and a daily email
and until you have all 3, you have nothing
so it doesn’t really matter which you do first, do the one that makes the most sense for you
however, one thing I have found is that if folks start with a product before they start building a list, they take a year or so to create the product, then they still don’t have a list to sell it to.
So if you start with the list, you can send a daily email, teach them something new each day, roll what you teach in the email into the product so you create it faster, and you can send 1-2 affiliate emails per week ONLY if they are great products AND you are sending the daily content emails to build trust and relationship
Sean