How to Monetize Your Free Time
Learning how to monetize your free time is one of the smartest things you can do for yourself financially. Realistically, it’s the only way to get ahead. Many people go straight home from their full-time job and either binge watch Netflix or go out for Happy Hour. Don’t get me wrong, these activities are both necessary for reducing stress and maintaining a healthy work/life balance. However, it’s important to understand that they need to be done in moderation if you ever want to become financially free.
For example, imagine if instead of binge watching entire seasons of a show in one sitting, you dedicated 5-6 hours every night after work to work on a business or side hustle instead? That extra effort alone can earn you additional income which can me invested to earn even more income. There are a lot of people who are okay with doing the bare minimum, being average and don’t mind the paycheck-to-paycheck lifestyle. I’m not like those people and you shouldn’t be either. Nothing easy is worthwhile, and that’s why being successful is an arduous, incessant process. If you truly want to become financially free, you need to learn how to monetize your free time, and here’s how:
Stop Wasting Time on Pointless Activities
Many people waste countless hours every night on pointless activities yet always claim that they are too busy to start a business or work extra hours. The reality is that they’re lazy and don’t even realize how much time they are spending doing things that aren’t in their best interest. My goal is to consistently better myself every day, mainly in the area of personal finance and learning how to build wealth.
The question you constantly need to be asking yourself is as follows, “What is the most valuable use of my time right now?”. If you start asking yourself this question consistently, you’ll realize how much time you’re truly wasting. Is the most valuable use of your time going out with friends and complaining about your job over drinks? That won’t solve the problem, will it?
The best plan of action is to take a proactive approach. If you truly hate your job, complaining won’t fix anything. A better use of your time would be to go out less often, save and invest the money you would’ve spent otherwise, and devote that time to developing passive income streams. Remember that balance is important, and meeting up with friends and relaxing are both essential to your well-being. At the same time, dedicating your free time to developing multiple income sources is equally as imperative to your overall success.
Monetize Your Skills
According to Jim Rohn, you don’t get paid for your time. Rather, you get paid for the value you bring to the marketplace. Regardless of what you’re skills are, there is almost certainly a way to monetize it. Are you a great writer? Start a blog. Do you love painting? Sell your artwork online. Can you code apps? Work as a freelance app developer. Are you an experienced value investor? Open up a brokerage account. The possibilities are endless, and with the advent of the internet, you can be making money in your free time in countless ways. The key is to stick to what you’re good at, then find a way to create value in the marketplace. If you’re an expert at what you do and are able to create a ton of value in a certain area, people will gladly pay for your services.
Dedication and Grind
It’s easy to get motivated for a week after watching an inspirational video. Anyone can be motivated for a week, even a few months. You need to make sure you take immediate action while an idea is still fresh and dedicate yourself to it. The key to monetizing your free time is to consistently devote any spare time you have to your side hustles and to never slack off. Developing good daily disciplines is the best way to stay on top of your goals.
My favorite example is as follows: How much more crowded is the gym on January 2nd than it is on May 1st? Even March 1st compared to May 1st is a massive difference. People make resolutions every year and fail to stick with them after being wildly motivated for a few short weeks or months. Your goal should be to be working your tail off any chance you have and to slack off as little as possible (with the exception of needed vacations). If you begin to dedicate your free time to creating more income for yourself opposed to unconsciously slacking off, your financial life will change drastically.
Don’t be lazy! You have plenty of hours every night to start developing multiple income sources. Stop making excuses and start putting in the work! Learning how to monetize your free time is the true key to financial success.