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When I first started trading Forex, I took on a very aggressive strategy. I leveraged myself highly so I could exploit relatively short intraday moves. My Forex strategy didn’t work very well for me at first and I lost about a third of my investment in one day.

After the New York market closed I decided to revisit my trades and evaluate why I opened each position and why I placed my stops and take profit orders where I did. I noticed that in almost every instance my analysis was correct and the price of the Forex pair I was trading DID go in the direction I thought it would; but only AFTER I’d been stopped out. I was setting my stops to tight.

The fear of losing money was causing me to lose money.

This realization sparked an epiphany. Like some movie, little snippets of things I’ve read came rushing into my mind:

“Starting passive income streams is a lot of work.”

“97% or MLMers fail.”

“Most Forex traders lose money.”

“95% of affiliate marketers fail.”

Then it hit me. No one fails at trading or developing passive income streams. No one fails in their attempts to build an MLM business or become an affiliate marketer. All these people just quit. They don’t put in the necessary money and effort to make their business a success and then quit when money doesn’t appear from thin air.

It’s unfortunate that many passive income businesses are billed as an easy way to get rich. It encourages people who don’t really want to work to get into these businesses. The truth is that it takes a TON of work to develop passive income streams. Its thankless work too and there’s very little benefit in the beginning.

Passive income businesses require that you “prime the pump.” You have to be willing to put in hours of effort for what can sometimes be months without seeing any meaningful return. You also need the intestinal fortitude to toss your money into a money pit that just keeps taking and taking without giving much back. Most people can’t do this. They assume that their business isn’t working and they close the doors.

But for those elite few who have the tenacity to stick it out, they’ll find that one day their ravenous monster of a business won’t eat any more money and doesn’t want the attention that it once demanded. It’ll burp up a few dollars at first, then start spewing money. At this point, your passive income business becomes truly passive. Once your business reaches this stage it only requires a little time and money to maintain it. But most people never build their business to this point. Most will quit long before their business is profitable.

As you begin to build your streams of passive income, you’re bound hit a few hiccups. My little Forex faux paus taught me not to fear losing money. It also taught me not to give up when I do lose money. Failure, loss; they’re inherent in all new ventures. You can choose to accept your loses as a cost of doing business and learn from your mistakes, or you can pick up your ball and go home. The choice is yours, but only one option will make you wealthy. Choose wisely.

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There’s a force called entropy acting on your projects, your home, your body, everything. All of these things want to be in a state of disorder. They want to fall apart.

Take your lawn for example. If you neglect it; grass creeps into the flower beds, weeds take over the lawn, your beautiful Bermuda grass is killed off by the encroaching Crab grass and your lawn begins to look more like a jungle than a front yard.

However if you put in the time, effort, and money to mow your lawn every week, pull the weeds, and spray the Crab grass, you’ll soon have a beautiful field of green grass at your doorstep.

Most people understand the concept of entropy as it pertains to a single project, however when it comes to multi-tasking multiple projects it’s easy to get lost in your own ambition and spread yourself too thin. Any time any of your projects lacks sufficient money or effort, they will begin to degrade into a state of disorder and eventually destroy themselves.

You could choose to take on fewer projects. The few projects that you have will get all the attention and financial resources they need but you may find that you can’t reach your financial goals without expanding and taking on more. So what do you do? Are you caught in a catch-22?

For most people the answer is yes. These are the people who have to do everything themselves. They’re the ones who start a website and then shut it down after only a month or two of poor traffic. They’re the ones who sign up for a multi-level marketing business and then quit when money doesn’t fall from the sky. These people are looking for some magical, self-sustaining business that will spew money at them without having to do any work at all. The world doesn’t work that way. The laws of nature won’t allow it. Entropy alone will prevent it. And once these people realize they have to feed the goose to get the golden eggs, they decide to just let it starve instead of putting in the time necessary to care for it. These people get distracted by a new project and let their old project die.

There are a select few, however, who realize the power of entropy and plan ahead of time. They consolidate their efforts and delegate tasks to others to make sure that all of their projects are being cared for properly. These people are the 3% that build their fortunes while others talk about how they tried once and it didn’t work.

So how can you become one of the 3% elite who can effectively manage multiple streams of income? Delegate and Automate! Here are a few examples:

Use Autoresponders

Do you offer a free ebook or report on your website for signing up for anything? Instead of sending the material yourself, have an autoresponder do it. Your readers will be much happier with the instant response and you won’t have to constantly check your site to see who you need to email.

Hire Writers

If you run more than 3 or 4 websites that need a constant supply of content, you need to hire writers. You could write everything yourself, but then you’d have no time market your sites or develop other streams of income.

Outsource Advertising

Do you suck at PPC Campaigns? Hire someone who doesn’t! There are plenty of sites that offer managed PPC Campaigns.

Invest in Mutual Funds

Buying a mutual fund is like outsourcing your investing. Your fund manager buys and sells stock according to the goals of the fund (which should, of course, match your goals). Just don’t forget to do your research before picking a fund to invest in.

Hire Employees

Do you have a vending route that needs servicing? Consider hiring someone to service it for you. If you have 100 or more machines, it could take you 5 or 6 days a month to properly service it. It may be worthwhile to hire someone to do it for you and use the time to find other streams of passive income. Just make sure you have some kind of system to make sure your profits aren’t going somewhere they shouldn’t. Trust thy neighbor but lock thy door.

Train Leaders

Are you involved in an MLM? Are you selling products yourself, training people to sell for you, or training leaders to train people to sell for you? Which one do you think will make you the most money?

Managing multiple streams of passive income sounds great in theory. You spend a few hours a day doing some simple task and then sit back and let the money flow over you. The reality, however, is quite different. Passive income takes a lot of time and money to set up (you’ve gotta prime the pump right?) and your income streams will require constant monitoring and tweaking to maximize your profit. The people who succeed in managing multiple streams of income are the ones who know how to leverage themselves effectively. In order to succeed, you must get a good feel for what tasks to automate, delegate, or eliminate if necessary.

Make sure all of your projects get the proper funding and attention so you can tell entropy to screw off!

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