There are many ways to free yourself from the 60-hour workweek. But in order to cut your hours on the job, you’ll have to convince yourself of two critical truths: First, that you are overworked to the point of exhaustion, and second, that you really can find practical and realistic ways to cut your work hours while earning more than you did when you were on the verge of a meltdown.
First, here are some interesting facts you need to be aware of:
- According to a Boston College survey, over one quarter of Americans do not take vacation time from their jobs.
- More than 60 percent of all employees and business owners want to work less.
- American managers work four weeks more per year than they did in 1970.
- Sixty-two percent of workers claim to end the day with stress-related back or neck pain.
- According to the International Labor Organization, Americans work almost 500 more hours per year than workers in France.
- Sixty-six percent of workers check email several times per day and expect a response to their mail the same day they send it.
- Aon Consulting reports that 88 percent of individuals are unable to balance work and home and see no end in sight.
Are you convinced yet that you need a change? In order to find the key to achieving financial freedom and breaking free from the 60-hour work week, radical changes must be made. Ask yourself what you can do in your current job to earn more money.
Substantial wealth can only come by removing your earnings cap, and that can only be accomplished by removing yourself from doing the actual work that generates income. This may take some creative thinking on your part.
Here are some strategies that have worked for others:
Passive income can be defined as a source of revenue that you set up, but does not involve you directly. There are hundreds of passive income opportunities out there, with the most common being rental property and affiliate sales. When you discover solid business opportunities that can be set up online or a service that can be outsourced to others, your earning potential will skyrocket.
Generally, if you are already doing something that you enjoy, but earnings are not where you’d like them to be, start thinking about how you can restructure your business model to make the shift to more passive income.
Residual income is another option when looking to achieve financial freedom. This type of income involves continuous revenue that is received from work that was done one time. Examples of residual income include commissions paid on insurance policy renewals or rights to artwork or photos that were taken once and then made available as stock photography.
There are many ways to generate residual income. Most require little to no personal interaction with the customer and can virtually run on autopilot. Even if a phone call is needed to confirm a renewal of a membership or policy, this can be delegated to an assistant.
Leveraged income uses the efforts of others to create earnings for you. Develop a product that can be sold online and put affiliate salespeople to work selling your product for you. It is well worth the commissions you will be paying out.
Most products that do exceptionally well offer their affiliate sales team up to 50 percent commission on every sale. There’s no need to be greedy, especially if the product is an eBook that doesn’t cost anything to distribute. Offering a high commission will draw interest from potential affiliates, and they will work hard to sell your product.
With 50 to one 150 affiliates working for you, the possibilities are endless. For example, Let’s say your product sells for $20. With 50 affiliates selling an average of just five products per month at 50 percent commission, your cut would be $2,500 per month. Sounds like a pretty good start to financial freedom, doesn’t it? And with the explosion of social media marketing today, even your initial earnings could be higher than that figure.
If you take this information and apply it to your own situation and your own passion, you can build wealth strategies that can set you permanently free from the bondage of the 60-hour work week.