Multiple streams of income — why strive for it?

Passive income is one of those concepts that eluded me until I was in my mid- to late-20s. I grew up in a family of modest means. I figured that, if I went to university and worked hard, I’d be able to get ahead in life. Along the way, I realized that taking control of my own destiny — by becoming a consultant — would allow me to enjoy a richer life. But I was in the middle of my MBA before I realized the power of passive income.

You see, if you’re a freelancer or consultant who goes from job to job, you’re someone who owns an outsourced job. And there’s nothing wrong with that. But the best way to make money is to discover ways to turn that outsourced job into passive income.

Now I’m not suggesting you give up on consulting. No way. But I am suggesting you find ways to create efficiencies in your work. As a consultant, you’re an information broker. Look for ways to sell that information over and over again. Templates, books, hotlines, websites, articles, seminars, lectures, courses and so on.

There’s no need to strive for all those things at once. Once you’ve established yourself as a consultant, look for other ways to build on your success. Tackle one project at a time. And, hey, you don’t need an MBA to do it.