For most of my life, I’ve worked a full-time job while creating passive in my free time. But balancing these two things has always been a challenge, especially when you try to balance personal life with work and other responsibilities.
When creating passive income with only so many hours in the day, discipline is key. But learning to balance a full-time job and passive income pursuits is important if you want to succeed at both.
You see, the thing about creating passive income is that it takes time to get it rolling, but once you do it starts to pay off without exchanging hours for dollars. That’s why passive income can be so rewarding.
Of course, if you want to eventually replace full-time job income with passive income, it will require even more effort. But don’t get discouraged, because in order to create passive income, slow and steady wins the race.
An IRA is a perfect example of creating passive income while working full-time. Sure, it takes a long time to get it going, but then it creates income when you retire. On a smaller scale, there are hundreds of ways to start making passive income. Here are a few ideas for creating passive income when you’re working full-time.
- Choose a passive-income idea that excites you. If you’re working full time because you need the money, make sure your passive income idea is something you can be passionate about and get excited to work on. Here are a few ideas.
- Start buying stocks you can drip small amounts of money into
- Rent out storage space or a room in your home
- Rent out your pressure washer, lawnmower, or power tools
- Write an ebook that can be purchased online
- Join affiliate programs and recommend products you love
- How much time do you have for creating passive income? Is waking up earlier each morning the best time for you, or do you feel more energized at night? Can you carve out time on the weekend without sacrificing time with family? Consider the times you can work best on your passive income when you are not at your full-time job.
- Consider how scalable your passive income idea is. This means that if you are starting out small, how easy will it be to increase your passive income venture while working full time. Think about how much money, time, or resources you will need to reach income your goals, how long it will take, and what the payoff will be in the end.
- Balance your time by eliminating distractions. We all have our ways of distracting ourselves, whether it’s with TV, family, or social media. You might get tired or outright discouraged, but it’s important to stay focused, and eliminate distractions to meet your passive income goals.
- Take advantage of small blocks of time in your day. To achieve your passive income goals, sometimes you may have to take advantage of small blocks of time when you don’t have a few hours to yourself. Use these blocks of time to make a few phone calls, get organized, or send out an email.
- Make a to-do list for creating passive income. Before you go to bed at night, make a list of the things you want to accomplish the following day. Break your list down into smaller tasks. Then take advantage of your schedule to see what you can accomplish on that list during different blocks of time in your day.
- Avoid working on or talking about your passive income activities at work. It can be tempting to spend some of your regular work hours on your passive income projects but don’t do it. Many companies monitor Internet usage and emails. Also, don’t talk about what you’re working on outside of work, as it could make you look like your interest lies elsewhere.
- Create realistic passive income projects. It’s unrealistic to set a time-consuming goal when you’re already working 40+ hours a week. It also doesn’t make sense to pay someone to help, when you need that money to live on. So, instead, create smaller goals for creating passive income, that will lead you towards bigger goals.
So, if you’re working full time and want to start creating passive income, consider what interests you, the time you can invest and when you want to see returns on your efforts. Remember, it takes patience and time, but slow and steady efforts can pay off in passive income.