5)Lack of understanding of diversity phases: Many firms fail to view creation of a diverse organization as a developmental process. Diversity and cultural competence develops along a continuum. In early stages of process, firms need to define diversity, identify problems and opportunities, provide education and awareness, and develop a leadership plan along with business case for diversity, a clear vision and well defined goals. Finally firms must understand that building a diverse and inclusive work environment is an ongoing effort.

6)Ignoring importance of training and development: Cultural competence and diversity training with a focus on building awareness and alliances vs. “blaming and shaming” is critical to creating a productive, diverse and inclusive workforce. Staff must have opportunity to explore current views and misconceptions around issues of inclusiveness, race, gender, sexual orientation, religion and individuals with physical challenges. Failing to link training and development with firm-wide diversity objectives will result in firm’s inability to build an inclusive and diverse organization.

7) Cultural Incompetence: Many firms communicate a desire to build an inclusive and diverse work environment yet they still place a high value on “sameness”. Whether consciously or subconsciously this value for sameness is communicated to others in firm. Instead, firms need to develop a high level of cultural competency. Cultural competence requires that organizations: •Have a defined set of values and principles and demonstrate behaviors, attitudes, policies and structures that enable them to work effectively cross-culturally. •Have capacity to (1) value diversity, (2) conduct self-assessment, (3) manage, appreciate and leverage dynamics of difference, (4) acquire and institutionalize cultural knowledge and (5) adapt to diversity and cultural contexts of their employees and clients and communities they represent. Think of cultural competence as fertile ground upon which to plant, grow and develop a successful recruitment, retention and firm wide cultural diversity program. Without necessary foundation, efforts to build a diverse team of attorneys will prove to be unsatisfactory.

Buying a building for your own business use (I plan to do this in a few years)

Buying houses, renovating them, and reselling them (my stepmother does this with a good friend of mine in Los Angeles and they're *very* successful at it) Real Estate does require that someone "shows up" to do various things, but you can set it up so you aren't that "someone." That's my goal and plan with my wife.

There are many people out there who teach powerful systems for setting up passive income streams with Real Estate.

5. Investments

You can setup passive or "low effort" income streams from having cash you invest in "vehicles" that generate dividends, interest, or other forms income.

You can also generate an income stream, although it's not completely passive (but might suit your lifestyle preferences) by trading stocks, options, or commodities.

There's an art to generating income from investments.

You do not want to choose this option without exercising great caution and/or finding an advisor or partner that can do it for you.

6. Life Insurance

This is a longer term strategy and one designed more for your retirement years, but there are forms of life insurance that allow you to fund policy in earlier years and then receive guaranteed income in later years. I'm putting a program like this in place as we speak.

7. Sale/Payout Of A Business

If you have your own business, you can sell it one day (maybe even soon) and use cash you receive to fund your ultimate lifestyle -- and/or to pursue other passive income streams discussed here.

My father did this. He bought a small chain of travel agencies, built it up, then sold it. He got cash at time of sale, but also had an "earn out" that sent a strong income stream to him for 15 years. My friend randy did same thing when he sold his business.

8. Network Marketing

Network Marketing (or "MLM") gets a bad rap from many people and in many circles, yet it's one of best ways to create passive, or reasonably passive income streams, if you pick right company and work system correctly.

9. Other Partnerships

In addition to options listed above, there are a variety of other partnerships and relationships you can create where you help other people to achieve their goals, get something they really want, or give them something to sell, and they compensate you for it.

10. Information Products

This is a subset of having your own business, but I'm breaking it out separately because it's an ultimate lifestyle creation tool you should consider even if you already have your own business right now.

When I say "information products," I mean books, tapes, courses, seminars, coaching programs, etc.

There are many people who already have a business doing something (like being a doctor, dentist, real estate broker), and through having that business, they've developed a strong expertise that can help other people in same business enhance their success.

For example, I know one dentist who's so skilled at a particular kind of reconstructive dentistry, that other dentists flock to him and he's created additional income streams from sharing his expertise through a newsletter, seminars and "look over my shoulder" events. He generates $1 million a year from his information products business and could stop practicing dentistry at any time if he wanted to.

I know of another man who's in lumber business who developed a revolutionary process for drying lumber faster. He started teaching that process to other people in lumber business through just 2-3 weekend seminars a year and created a $250,000 a year income stream from it.

I know of a very successful real estate broker who created a variety of information products (courses, seminars, and coaching) to teach other real estate brokers how to use his system to make a lot more money with a lot less effort. While he's still working as a real estate broker every day, his information products business generates a huge income stream for him and he could also stop working as a broker at any time if he wanted to.

I know of a very successful carpet cleaner who is now living his ultimate lifestyle teaching other carpet cleaners how to increase their sales and profits using his unique approach.

I also know a very successful orthopedic surgeon and mortgage broker who want to stop working so hard in their chosen field and are currently seeking ways to create information products businesses to replace their current incomes while making dramatic shifts in their lifestyles.

Do you have your own business and have developed a unique expertise or approach that could be converted into an information products business?

The Next Steps ...

Depending on where you are right now in your career, you may be thinking to yourself, "This all sounds great, but I have absolutely no idea what income streams I might be able to setup or how to do it."

If that thought (or one like it) crossed your mind, stay tuned. I'll be discussing some "what to do" and "how to do it" ideas in future articles.

============================================================ Like to know more? ============================================================

If you liked what you just read, you'll definitely want all details about Bob's "7 Power Centers of Life" work.

Do you know what "The 7 Power Centers of Life" are? Are you absolutely certain that all 7 of *yours* are fully energized and aligned for maximum success? Click here to take a Guided Tour and discover all exciting details:

http://www.7powercentersoflife.com/article3

============================================================

Bob is the bestselling author of The Invisible Path to Success and The 11th Element. He's also an 11-year veteran of applying cutting edge sales and marketing strategies and has had in-the-trenches experience of creating profitable million dollar businesses (on and off the Internet).

For more information on Bob's work, please visit: