Since becoming a consultant
about 10 years ago, I've been pretty happy with my decision. Consulting has brought me many rewards. Over the past few years, I've sought to diversify my income streams, so that I'm able to weather industry downturns, clients closing shop and the like. I've been careful to add complementary income streams. So far, these include:
teaching at the university level
advertising & affiliate revenue
This fall, I'm going to go on my second maternity leave. In Canada, women usually take a year for maternity leave and this is paid by the government. However, I'm self-employed and people who are self-employed receive no maternity leave benefits. Since this is my second time taking leave with no pay, I'm going to see my consulting earnings decline.
My goal for 2007-2008 is to earn enough from passive income streams (information products, advertising, etc) to cover half of my current monthly earnings. This is a fairly ambitious goal, since I've been consulting for 10 years and I only added advertising a year ago and information products about five months ago.
I should note that, by passive income, I mean that I want recurring revenue from work I've already done. I recognize that creating content takes a great deal of time -- it's just that it's something I can do before I have two children under my full-time care.
I'm not going to be posting numbers, since I don't want to disclose that much info to the world at large. But I will keep you posted on the percentages. And if you have any ideas for ways to keep money rolling in, please let me know. I'm sure some of you will suggest hiring subcontractors, but I really don't want to have to worry about any sort of work once this baby is born. (I will be returning to consulting at some point; I just don't want the pressure to do it immediately.)[/list]