Working a full-time job can be tough for so many reasons.
The limitations of both your earnings and time can leave you in a position of being stuck.
But chances are you don’t want to be constrained to these requirements.
You likely want a bit more, hence why you are asking the question ‘How do I generate passive income while working a job?’
Now it seems at first that it may be hard to do so.
But in actual fact, it is very much achievable as long as you have the drive, balance, and importantly a strategy to do so.
So let’s get right into how you can start earning money on the side, all while you are still tending to your full-time job commitments.
Table of Contents
Understand What Passive Income Truly Is
Passive income is something that has existed for years.
Ever since people were able to start-up companies, and invest in things like real estate they were able to earn passive income while you sleep..
But the term has become far more mainstream nowadays.
Thanks to platforms such as YouTube and TikTok, where you have people as young has teenagers earning this kind of income.
But what exactly is it.
Well ‘Passive’ alludes to the fact that something is coming your way without any effort.
Now that is part of what passive income is, as its earning without the money being tied to the time you put in.
However it doesn’t mean that you will just be sitting back the whole time.
This kind of income takes alot of effort in the early days to kick start, sometimes even a financial investment.
Get this into full gear.
You will be enjoying the quite rewarding fruits of your labour, and will be able to have multiple streams to compliment your full-time job and give that extra security
Identify Your Areas of Expertise and Passion
Now the biggest weapon in your arsenal that you have over other people.
Is your skills and passions.
These are going to be vital in building a passive income.
However if you don’t have any that you can think of at the bat.
That is completely fine, as there are plenty of industry’s out there that you can learn about and build that love for something or skill.
Now in terms of skills and passions, you could be a linguist, a content creator, a coder , a footballer.
You see how I am listing a lot of random things.
The reason for that is because there is money to be made with almost anything.
Heck even this blog, which I have made with the intent of providing information on making money online and achieving more, could of been based on anything.
Now with the area of expertise you have or are trying to learn more about.
You now need to work on setting this passive income stream up.
This is essentially the hard bit.
As you will have to dedicate some time to it.
But if you enjoy the area that you have chosen to build this income in, this should feel more like fun then just a slog.
Monetize Your Knowledge Through Online Courses or eBooks
Now chances are you at least have skills that you can transfer into a passive income stream.
Has simply by working your full time job you will have skills that are required for it.
So what you could to begin with, is create a course.
Here you could transform these skills and all the knowledge you have acquired within this specific niche and create a course around it.
Now its no secret that courses are everywhere.
Not only does this show you that there is plenty of passive income to be made with them.
But also the importance to not just create any old course.
Just for the sake of earning money while you work your full-time job.
You want to make it a project that means a lot to you.
As well as this you also want to make sure that anyone who picks up your course will become more knowledgeable thanks to yourself.
Its rewarding in multiple ways.
To get started you can use platforms like Udemy and Coursera that are already filled with lots of valuable courses to learn from
Just one thing to bare in mind before you get started, you must understand that this will also take a lot of time.
Creating courses is hard work, but ultimately worth it.
Dabble in Stock Market and Cryptocurrency Trading
This is certainly not for the faint hearted, but dipping your toes into the stock market is a great way to earn while at your job.
Why its so attractive is there is so much money to be made in the market.
Meaning you can place trades and make full-time incomes within a day, as opposed to a year.
Its safe to say the potential is high and this shows you the power of some passive income streams out there.
However it swings both ways, has you can also lose a lot.
Afterall 99 percent of traders lose, while only 1 percent actually become profitable.
Don’t be put off by that, like some would.
Has to become that 1 percent you just need to make sure that you are well educated on stock trading, have learnt from successful people in the space and importantly go through the procedure of back testing many different strategies before even risking your money.
So while yes you need to know that you capital is at risk, but without risk there is no reward.
Start a Side Business
Now if you are someone who is working long hours for your full-time job.
Making a side business could be something you have thought about.
But due to your hours, have put it to one side.
Let me tell you though, you don’t need to sacrifice a whole day to building a business.
You can do so just by spending an hour or two a day, or maybe a month.
The key is just being consistent.
I know plenty of people close to me who have started businesses while in full-time work.
In which they will do there job throughout the day.
Then come home and spend a few hours on there own hustle.
Before enjoying the rest of there night.
But its hard right?
When you come back from home, you likely just want to turn off your brain.
If you are able to do that extra bit, you can end up with a business that is automated and bringing in passive income.
That may even help you reduce your hours, allowing you to spend more time on it too.
You could do anything from starting a blog like this.
Building Passive Income Streams While Working Full Time: A Deeper Dive
Now you have a bit of an idea, of what you could be doing to get a passive income while working full-time.
Lets go over the struggles and obstacles of doing that.
After all its going to be a lot of work at times.
So if we can make that easier, then its only going to make process better for you.
The goal for you is to likely make money on top of your job that isn’t time related.
You want another stream of income coming in.
So lets go over the strategies for building these income streams while managing your job.
Use Your Spare Time Wisely
Now time may feel like your worst enemy.
Especially if your working those long gruelling days that I have certainly experienced in the past.
Those days where you just want to come home, and face plant onto that sofa.
However your going to have to be smart about this.
If your going to build a passive income, you are going to need some strict time management.
This doesn’t mean you can’t watch that new episode thats dropped on Netflix.
You just want to allocate periods, of unproductive and productive activity to find the balance.
Something I personally do, is I work for 30 minutes with no breaks.
Stop for 5 to 10 minutes, maybe to walk, get a drink or snack.
Then I will continue on.
You could make this more light hearted, but you don’t want to find yourself, wasting a lot of hours, when they could be used towards this extra passive income source you desire.
Automate and Delegate
This won’t be easy to do at first.
Especially if you don’t have the funds, maybe your working on a tight budget.
That’s not a problem.
I have built many website without any automation.
But depending on the passive income source you decide to go down.
At some point its worth looking into automating the process and making it overall more easier.
Whether that be hiring and delegating tasks to someone.
Or just investing your money (which hopefully be the profit you are making!) into tools that will accelerate your earnings.
The start of any side hustle is always difficult, but if there is one thing I have learnt its that has it grows the easier it gets.
Create Multiple Streams of Income
Hold up?
Shouldn’t we focus on just one passive income source?
Well I’d say go all guns blazing for one stream to begin with.
However once you start to see some success.
You will want to spread those eggs around and place them in different baskets.
That means if the passive income stream you initially work on, hits a block.
Maybe the earnings decrease, the costs and time too keep it going is no longer worth it, then at least you have other streams of income to depend on.
Be Patient
As I have alluded to at times in this post, its not the amount of hours you have to work on your business.
Its the consistency and ability to be patient, that is going to be pivotal in growing your passive income.
If you want to know, why so many people choose not to go down this route.
Its because they aren’t cut out to go through it.
I have personally seen this a lot, where someone will start a website, YouTube channel, etc.
But then only to abandon it quickly.
Leaving all that early work to be a waste.
So best way to look at this.
No matter what passive income stream your looking into doing while working.
Is as a marathon.
You don’t need to go full pelt, but once you have made it to the finish you will a passive income stream that could bring you money for years to come.
Continual Learning
You want to immerse yourself in passive income.
Almost to the point where your obsessed.
After all you want that extra income, so you need to be learning as much as you can about it.
So if your doing ecommerce for example you want to be taking the time out to learn more about it.
Whether that is in this instance, how to dropship on Shopify.
You want to be reading and learning exactly how to do that, to expand your knowledge.
Expanding your knowledge is only going to make it easy to maintain your income streams.
But also take them to the next level.
Nurturing Your Passive Income Streams
So there you have it, creating a passive income stream is something that anyone can do.
I don’t care whether your working part time or full-time.
Unless your literally working 16 hour days.
There is always time to invest in yourself, you just to make sure you are making the sacrifices to ultimately make this goal achieveable for yourself.
Now its important to remember that what every stream of income you choose to do.
Not only do you stay committed to it, but you stay informed with all the nesscerray trends within that industry, so that you remain on top.
This is how you will build a successful passive income stream all while working your full-time job.
Which at some point could become your ‘new’ job.
So step out that comfort zone, and get to work on building that future.
