Sunday, February 15, 2009

How to earn additional income spending less time

Are you seeking an alternative income but no time at your disposal to devote to finding one? It should interest you to learn that earning an extra income does not necessarily have to be as time consuming as usually perceived. The reality is that the time spent working can sometimes affect people’s ability to meet up with other life’s obligations. This is even more pathetic when in a bid to meet up with earning income to meet needs; some parents get estranged from their children. 
Fact, is you can explore the option of building a passive income, spend less or no time working for it and still earn more or just as much as your paid employment. 
According to respondents, hours put in paid employments ranged between 8 to 12 hours with some in a bid to avoid being laid off, work longer hours without compensation, revealing a situation where they work harder yet cannot meet basic needs. 
Therefore, inability to meet spending needs can be attributable to the fixed income of most paid employments, which sets a ceiling on the income obtained whether weekly or monthly and is not construed to envelope expansion in personal needs or desires. 
Consequently, most workers in paid employment complain of not being able to adequately meet basic needs despite putting in many hours at work. 
The complaints may very well be across board as respondents all complained of working hard but incomes do not meet their basic needs especially as cost of living continues to rise. 
A breakdown of the usage of the 24 hours available to everyone may include eight to 12 hours to and fro the work place (especially in Lagos where traffic jam is a major challenge), six to eight hours spent on sleep, leaving only four hours for other activities you may choose. 
Worse still, work days have been extended in some companies to include weekends leaving out the choice of making a difference in finances with the remaining four hours a day. 
A passive income stream is explained to be rent received on a regular basis with little effort required in maintaining it, while the active income is obtained in the work place and requires your full time participation to earn. You are being paid for the effort you put in and the moment you stop working, your active income will stop too. 
In other words, to experience financial independence and sustenance, you need to explore ways of creating more passive income. Income that keeps flowing with minimal or little time put in, so that while working in a paid employment, extra income is comings in from built passive income streams. 
Also called a residual income, it is revenue that occurs over time from work done one time; interestingly, there are many different ways to generate passive income across a wide variety of businesses. It may be recurring income from the same customers, or the sales of a product to new customers. 
Financial experts posit different ways of building these passive income streams which will only require an initial effort and commitment. Writing a book for instance and contracting the sales either online or to a sales agent and earning percentages on every copy sold. 
Although only requiring your initial time in completing the book, this source of income does not require any more of you time or effort, hence it is passive in nature. 
Starting a business, though technically not a passive one, is a key strategy for earning more and working less; this may also involve making money from other people’s work which may include getting involved in a network marketing arrangement, where down lines are built and commissions received on sales made by people in the down line. 
Making money online is also available as a passive income, investing in income and interest yielding instruments, such as the money market, stock market or property market. 
Other ways of gaining passive income in experts’ opinion, is becoming an insurance agent who gets commission every year when a customer renews his policy. 
You can also serve as a marketing or direct sales representative, earning income from customers when they re-order products every month or as often as needed, or a marketing consultant who creates a workbook and sells it in e-book format on the internet or other sales avenues.

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