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What comes to mind when you are asked about making a residual income doing what you love? Is your answer somewhere between, “I’m not able to fully do what I love” and “I haven’t figured out how to make it work yet”? No worries, you are not alone. A 2017 Bankrate study showed that 44 million Americans have a side hustle, while The Hustle found that the average side-hustler spends only 11 hours per week on their secondary work (bringing in a rough estimate of just $200 per week).

You may be wondering what these statistics have to do with developing the mindset to manifest residual income doing what you love, let alone with you. There are certain mindset shifts that need to occur in order for you to truly see a residual income from something that may just be your side hustle – for now. In this post, we’re going to address those things so you can unlock your potential to make doing what you love the only thing you’ll ever have to do.

What Exactly is Residual Income?

Simply put, residual income is when you continue to get paid after the work is done. Its polar opposite, and what many people find themselves doing, is active income. Active income comes as a direct result of our efforts.

For active income, think teaching, coaching, or working a regular 9-5. Residual income, on the other hand, is usually derived from published books, courses, or some other one-time created resource that will continuously bring in sales.

Regardless if you’re the coaching type or want to create a resource that brings in sales long after you’ve created it, having the mindset to generate income from either takes work. Let’s look at two main ways to begin working on the necessary mindset shifts.

Be Aware of How You Work for Active or Residual Income

First and foremost, it’s important to understand how you’re working on these two things. Yes, there is some patience involved when wanting to make the full switch to residual income; however, there is a balance to actively working toward building residual income.

Jim Rohn said, “I’m working full-time on my job and part time on my fortune. But it won’t be long before I’m working full-time on my fortune. Can you imagine what my life will look like?”

Once you understand how you’re working on the two types of income, then it’s time to see your path of transition. Let’s say you are a life or business coach and you really enjoy working one-on-one with clients. However, you would like to eventually cut back to only having a few high-ticket clients with the majority of your income coming from courses you’ve created.

The plan of execution would be derived from that goal and the action steps would eventually take you there. Purpose in your mind that your plans are going to make it happen, and then begin actively working on it.

Develop Success Habits

A common misconception is that residual income will happen overnight or without much effort. Sorry to be a myth buster, but the truth is that it takes work – hard work. This hard work does eventually pay off, especially if you purpose your mind and heart to stick with it. So, what do the habits of successful people look like?

For starters, successful people work on their personal development. There are always barriers and limiting beliefs that try to poke at even the richest person. Investing in personal development keeps your mind clear and focused on your desires and goals. This can take the form of reading books, hiring a coach, or joining a mentor group.

Another success habit is to develop daily goals. I will go into more detail about the importance of developing the mindset to manifest reachable goals, but for now, just know that setting daily goals is a way to reach those big ones. It serves as a daily reminder of what you’re working for and toward.

Last but not least, another success habit is to keep your passion the forefront of your profession. If you always treat your passion like a hobby, it will stay a hobby. Once you make your passion at the head of all you do, your decisions and actions will begin lining up with that.

Developing the Mindset to Manifest Residual Income Doing What You Love

The underlying factor with this mindset shift is putting in the necessary work to ensure you’re (1) understanding what residual income looks like for you, and (2) always working toward your residual income goals. It is possible, and you can do it!