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As I mentioned before – our system of education teach us to: finish school, get a secure job, worki from 9-5, and retire. This type of living was ok in the industrial era. Right now there are different (better) ways to live. You need to decide what patch you want to follow.
But when you are young and you are after school, working to someone else can be really helpful (you can gain experience and personal skills). Working with people and communication skills can help you entire life. Working in companies can help you get certificates and participate in bigger projects. The biggest problem is the possibility to jump into the rat race. To avoid this trap, you need to build passive income. You can say. “fine, but when should I do it? I work 8 hours and I am tired after work”. My answer is – after work. Day has 24 hours. You still have some time to work for yourself, right?
Fear not, everyone can start building passive income while working for someone else. This requires good will, some experience, knowledge and patience.
What should I do to create and collect passive income?
What should I do to create and collect passive income?
This is up to you. You can either start your business, find some real estates or create some online passive income. At start, ask yourself some important questions.
- What are your hobbies?
- Do you have passion?
- What do you have, that no one else has?
- How much money you have spend?
- Who do you know?
- What’s the economy like today?
- Do you have competition?
- How experienced they are and how far from you they are?
These are the questions everyone need to ask before start. When you feel strong and believe your goals – next step is obvious:
1. Draw an idea of your passive income.
Please write everything you have in mind about your idea. Write pros and cons, how much time it will require, who will help you. Draw everything in sheet of paper first. The reason to write everything on paper is that this are your private notes. When you write something, you will remember better and use your imagination. You can discuss everything with someone – your friends, family or over Internet (but be careful).
2. Set intentions. Take time as a base unit. You can use something like this:
2. Set intentions. Take time as a base unit.
You can find some intentions below:
- I intend to workout every day to have more energy and to look and feel better.
- I intend to continue working at my 9-5 job for only six more months
- I intend to save more money I spend every month to have cash to start running my own company.
- I intend to come home from work, and each day I will spend two-four hours working on my new business
- I intend to stop thinking about my 9-5 job when I am at home.
Those are just a quick overview whet it comes to create intentions. I set my intention to create as much passive income I can after work working at least 2 hour a day creating financialgoal.eu and learning. This page has a big meaning for me. At first, I can present to you my knowledge about money. I have an opportunity to write more in English. Maybe I make some errors while I’m writing, but this is the only way to learn. I can even learn more about all the subjects and use some e-business ideas myself.
3. Start learning and be patient.
To achieve every goal and build passive income after work hours, you need to drive yourself to do things everyday. You need to have your dream as a must (not you should). One of those intentions needs to be dug into a bit more and thats your after hours work schedule. Because a normal job creates structure and a fairly rigid schedule, most people want nothing more than to come home, lounge around, kick their feet up and be lazy.
4. Create a solid structure of your daily tasks.
If you want to start your passive income journey, you need to begin with solid structure of your idea. Make sure youre heading into good direction. Try to use your precious resource – time – well. If you work, work 100%. When you are with your family – spend 100% of time with them, and so on. Put in valuable time and effort. Kicking your feet up isnt going to help you escape the stranglehold your 9-5 job has on you.
Here are a couple tips on how to get into a routine after work.
Plan your work first. Prepare everything well.
At first, don’t jump into a big water, or you will drown (lack of drive). Plan everything wisely and do at least one thing at the time to be closer to your goal. Dont create a new schedule quick, youll never stick to it. If you create your plan, execute it day by day. But don’t be rude and change your life upside down. Make changes slowly. Start to work for 30 minutes, then longer and longer. If you cannot do something one day, do it another (or stay a little bit more awake). Plan and execute – that’s it.
Plan big, but start small. If you want to create website – write about hosting and technology (WordPress, HTML/PHP, Apps…). Then choose the best domain name and start make site as a test. When you finish your site publish everything and invite your friends. Don’t think always by the prism of money. Right now the best way is to do everything for free, but check the possibilities for income. If you create something to help million of people – you will earn a million.
Set your priorities straight. Family always comes first.
Set your priorities. Family should always comes first. The best way is to write a list of tasks and time needed to accomplish them. Spend time with family and kids and tell them about your daily plans. I’m sure you will figure out together what and when you can do you stuff. Maybe they will help you? If you arrive home at 6 p.m., spend at least an hour with them. It doesn’t mean watch TV or play a computer game. Your family needs that time, especially kids. Be a good parent and partner. When you have smaller kids, the best time to work is when they are going to sleep. When its time to work, close facebook and other distraction. Play some chillout music (or something without words), because it can relax you.
My day looks like this. We’ve all arrive (me, wife and daughter) home at 5 p.m My wife is making a dinner while I’m going to workout for 15 minutes. After that I take my meal and we all have time for ourselves. When the kid goes sleep, I’ve worked some time then we’re going to sleep. We try to stick to that way everyday. Sometimes of course we make exceptions. Maybe you aren’t a fan of having a schedule at home, but it really helps.
Maybe you think this is not a good idea, because it requires some time, but you’re wrong. Working out is really important to your body, health and brain. After a good workout your feel more relaxed and happy (endorfins). You will definitely have more power to stay late and create. You will leave your daily stress behind this way. There’s no need to work at the gym 1,5 hour, 3 times a week to be healthy. You can do some quick routines or just go for a quick jogging. For me the best way is to do fast training everyday. My method is to work at my max for 15 minutes. After that I’m almost dead 🙂 After some minutes I feel really happy with my performance. I do this tyle of training 6 times a week, This helps me to stay fit and heathy for entire year. You can try it too.
Set realistic daily, weekly, and monthly goals.
When you create your structure and a schedule for yourself, start working to make your goals real. I’ve complete Management school and teacher taught me to set short, medium and long-term goals. When you will be planning work for each day, make a list this way.
Short goals (could be daily goals) are the simplest and less time-consuming goals in your to-do list items. You need to accomplished them today. If it’s impossible, switch problematic goal to next day. Brian Tracy writes in “Time Management”, that a good way is to set priorities for each goal. Some goals should be “A” goals, some are “B” and the other “C”. Don’t let that the “C” goals will be done sooner than “A”, Examples:
- Find the best name for my site.
- Check real estate portals and find houses for sale in my neighbourhood.
- Check Stock Market and find stocks to follow.
- Read one chapter of a book.
- Read an article about my next business.
Medium goals (weekly goals) are bigger ones. This tasks requires more than one evening. Pick the best for you. Examples:
- Find a mentor and chat with him.
- Design and develop different stages of your product/service/website.
- Speak with friend and family about your idea.
- Find audience to your posts.
- Have a meeting with real estate broker.
- Perfect your sales process
Long-term goals (monthly or yearly goals) are your bigger goals. You can set your priorities for months, three months, six months and a year. When you write that goals try to stick to them all the time. Even when you goals for entire year are big, you can achieve them by doing one step at the time. One year has avg. 365 days. Making long-term goals can help you to keep pace and don’t forget about the things you want to achieve. Your monthly goals might look something like this (making business)::
- Month 1 – Create prototype product, launch website, and get feedback from initial user group.
- Month 3 – Start selling product or service publicly.
- Month 6 – Build up enough savings through initial sales and 9-5 job money to leave 9-5 job!
- Month 12 – Expand. Hire sales person, customer service company, and start doing paid marketing and advertising.
In this example building passive income stats from month 3. When year goes by and you hir e value person, you are able to receive pure passive income. Ida is not complicated and it’s easy to achieve.
Take your time for good sleep and chillout.
I know it sound’s silly, but I’ve experienced that the best ideas comes when your mind is free from distraction. I’ve red one time a book where author encourage reader to think about the problem first , then go for a walk to free mind. Your brain is a puzzle solving machine. It needs only time and “free resources”. The author also writes, that good way is to think about problem or task right before sleep. Your brain calculates all pros and cons abouh the problem while you are sleeping. When you wake up, you will know exactly what to do. It sound strange but our body and brain is more complicated that we think.
Our deepest fear is not that we are inadequate. Our deepest fear is that we are powerful beyond measure. (…) – Used by Nelson Mandela in his 1994 inaugural speech.
Starting your next business while working a 9-5 job isn’t easy, but everyone can do it. You are capable to do everything you desire, so take your time and start building your dream. Put all these steps in place and youll complete your tasks sooner and better. If you need help or want to leave comment, do so. I will be glad for your response..
Please take one week off to recharge your batteries sometimes.
Goal setting process can feel uncomfortable and at the beginning, but it gets better with practice. When you make goal setting as a habit, you will do your tasks better and quicker. What do you think?