How To Create Passive Income When You Work Full-Time
Learning to balance work and other activities is important. It’s especially difficult to put in a full day at your regular job and then go home and work some more. But if you want to create a passive income, it will require some additional effort.
Creating passive income can greatly enhance your financial well-being. If you have any desire to break free of your full-time job, it will require you to put in some quality time at home getting those passive income projects up and running.
I decided a couple of years ago that I wanted to supplement my retirement income and create a passive income source. I wanted to have the financial resources to travel and spend time with my family.
In order to accomplish this, I decided to start my own online business in affiliate marketing and build my passive income while I was still working full-time. I will admit that sometimes it is very difficult to balance both my full-time job and my own affiliate marketing business. Along the way, I have learned a few things that I will share will you below.
If you don't like to read then scroll to the end to watch the video.
Consider these ideas for creating passive income when you’re working full-time:
Think about the best times to work. Maybe waking up earlier each morning is a viable option. Perhaps you can work through your lunch break. Are evenings best? Would you rather work all weekend and have your evenings free?
There isn’t a perfect strategy, but you need a starting point if you want to achieve success.
Set a schedule. A common misstep is thinking that you can work on passive income streams whenever you have free time. Here are 10 tips to help you.. But “free” time is hard to come by. Therefore, it’s helpful to create a specific schedule and stick to it.
A common misconception is that because it is called passive income people think that they don't have to do any work. As with anything of value. You get out of it what you put into it.
Treat your pursuit of passive income sources as you would any other regular job.
Eliminate distractions. We all have our ways of distracting ourselves, whether it’s with TV, the computer, or food. Others get sleepy when faced with work they’d prefer to avoid. Do whatever is necessary to stay focused on the work at hand. One of the tools that really helps is to have a clear idea as to why you are trying to build your passive income.
Make a list. Before you go to bed each night, make a list of the things you want to accomplish the following day. When it’s time for those tasks, avoid working on anything else. Keep working until you’ve completed all the items on your daily list.
Take advantage of breaks in your day. Ideally, you’ll have some things you can do when you have a few extra minutes. Maybe you can make a few phone calls or respond to emails over your lunch hour. If you bring your lunch to work it takes up less time than going out for lunch. This will free up more time to get things done.
Avoid working on your passive income activities at work. It can be tempting to spend some of your regular work hours on your passive income projects but avoid doing so. Many companies monitor internet usage and emails.
Be cautious and avoid jeopardizing your job. Your employer is paying you to do the job at hand not work on your passive income.
Get involved with smaller passive income projects. It may be difficult to find a good 200 unit apartment complex for a great price, get commercial financing, hire management, and oversee the project when you’re already working 40+ hours a week. Start small and build from there.
Starting an online business is a great way to build passive income and start with minimal investment and minimal risk.
Take planned breaks. Every few weeks, consider taking a week off from your passive income activities, even though it might seem like you’re losing ground. Your productivity will be about the same, but you’ll be less overwhelmed and much happier.
It is very easy to start feeling very overwhelmed when you are trying to build a passive income stream. Depending on your knowledge and resources there can be a lot to learn. Take a small action every day. Success does not happen because of one big action but because of consistent small actions/choices every day.
Studies have shown that marathon runners will finish a race faster if they walk for one mile after running four. It’s the same idea.
Keep your projects to yourself. You might want to refrain from discussing your other passive income activities at your full-time place of employment. Many bosses take exception to the idea of you earning extra money outside of your regular job, thinking your free time ought to be spent working harder for them.
Learn to meditate. Meditation is a great way to give your mind a break. It’s one of the few times your brain gets to rest. As long as you’re thinking, your mind is still working. Learn to relax and focus.
It’s challenging to manage a full-time job along with other activities. Limit yourself to the most important tasks and use your time wisely. Passive income takes some time and effort to create. Ensure you’re giving yourself adequate time to manage it all.
The Method That I Use to Create Passive Income
The method that I use to create passive income online is called affiliate marketing. In this online business model, you can get paid for selling other people's products.
The amount that you are paid depends on the offer and whether or not it is a low, medium or high ticket offer. Do you want to read more about what affiliate marketing is? I did another blog post on the subject. https://dldonaldson.com/what-is-affiliate-marketing-and-how-does-it-work/
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