You can earn passive income while you work your full-time job. A lot of people feel like they need to quit their job and go all-in trying to make money online. Unless you have a plan, and are certain that you can make enough money to do this, as well as a substantial savings, I strongly recommend that you take baby steps. Just like you can’t expect to get out of high school and immediately land a senior engineering position, you shouldn’t expect to start selling online and immediately become an internet marketing guru.
In order to get to where you want to be, you need to educate yourself constantly. Don’t limit yourself to just reading about how to make a passive income. Take action! Experiment with different passive income streams. Read other people’s blog posts and curate a collection of informational resources that speak to you and motivate you to succeed. If you don’t stay focused, you will lose interest, and lose out on your opportunity to improve your life.
Freeing up Your Time
So where exactly are you supposed to find the time to learn about passive income while working full-time? It’s a lot easier than you think. If you’re anything like me, you’ll start with one idea, research it, then get pulled in 15 different directions and end your night working on something completely unrelated to your original intention. If you want success, you need to set goals and identify priorities.
Here’s a list of tips that find helpful when prioritizing my time.
- Evaluate How You Presently Use Your Time
Do you spend your evenings watching TV, browsing the internet, or playing video games? Then it’s time to take a minute and evaluate how you presently use your time. Get a pen & paper, or create a spreadsheet, and track what you do with your time over the course of a week. Instead of taking your whole one hour lunch driving to a restaurant and back, you could try bringing a meal from home. This will allow you to save time so that you can focus on your passive income streams. Not to mention, it’ll save you money as well!
- Eliminate Unnecessary Tasks
Now that you’ve discovered how you use your time, try to eliminate all unnecessary tasks. If you are serious about building a passive income, you have to start by putting in active effort. For example, watching TV is never more important than building your future. You don’t have to cut out everything, so choose wisely. In the next tip we’ll work on maximizing your use of time.
- Maximize Your Use of Time
Some daily tasks simply cannot, or should not be eliminated. For example, driving back and forth to work is unavoidable. Instead of wasting this time listening to music or the morning talk show, try listening to an audiobook or podcast related to your current passive income endeavor.The same goes for your exercise routine. It’s important to keep your body in shape as well as your mind, so make good use of this time. For example, the last thing I wanted to do this morning was to stick to my P90x Schedule, but I did, and I feel better for it.
- Avoid Distractions
A common mistake I make when working on a task is getting sidetracked by e-mails, research, new ideas, and tons more. It’s important to avoid these distractions by staying focused. I learned a lesson from The 4-Hour Workweek by Timothy Ferris, and that is to limit your e-mail activity to twice per day. It sounds counter-intuitive, but it will save you more time than you realize. In fact, this book was one of my favorite reads and has inspired me immensely.
- Set Goals and Stick to Them
Last, but certainly not least is to set yourself some goals and make it a point to stick to them. If you’re building an affiliate site, set a goal to add one product per day or write one blog post per day. With this blog, I have set myself a goal of writing at least 3 blog posts per week. If I can write more, great! However, I don’t want to settle for anything less. To curate a following, and rank in google, you need well thought out content that is always fresh and interesting. Believe it or not, but I’m presently spending 3 to 4 hours per blog post as I ramp up this site.
You now have a clear understanding of how to find time and use it properly to start developing a passive income. Remember, you are not working on your business while at your current job, you are building a residual income on your own time. Soon, you’ll make enough money to quit your job. Then, you can focus even more time on expanding your cash flow.