How do I decide if I should keep freelancing alongside passive income?
Deciding whether to keep freelancing while building passive income streams is a mix of self-assessment and strategy. Here’s how you can approach it:
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Evaluate Your Income Needs: Start by assessing your current financial situation. Figure out how much money you need for living expenses and how much is covered by your passive income streams. If your passive income isn’t yet meeting your needs, freelancing can fill the gap.
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Time Management: Consider how much time you have to dedicate to freelancing versus passive income projects. Freelancing requires ongoing client work, while setting up passive income takes upfront effort but can free up your time in the long run. Reflect on your daily schedule and energy levels to see if juggling both is feasible.
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Skill Utilization: Use freelancing to sharpen skills that might later apply to passive income projects. In my transition, I found that the technical skills from my engineering days provided a solid base for creative work, making freelancing an excellent training ground for larger passive projects.
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Career Goals: Think about your long-term aspirations. Do freelance opportunities align with them, or do they sidetrack you? If freelancing enhances your learning or networks, it might be worth keeping in your portfolio.
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Stress and Satisfaction: Consider your mental and emotional well-being. Freelancing offers structure and immediate feedback, which some find reassuring. On the flip side, it can also become overwhelming. Tune into what actually brings you satisfaction and balances stress.
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Experiment and Adapt: Remember, it’s okay to experiment. You might discover, as I did, that some projects labelled as 'passive' require much more attention early on. It’s a dynamic process, so allow yourself some flexibility to pivot.
The essence is to choose what aligns with your current life stage and where you see your dreams taking you. Think of it as an evolving strategy rather than a fixed direction. Redefine success in your terms, and be open to recalibration as you go along.