Creating Passive Income When You Have a Full-Time Job
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 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.
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. But “free” time is hard to come by. Therefore, it’s helpful to create a specific schedule and stick to 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.
- 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.
- 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.
- 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.
- 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.
- 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.