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Passive income has long been the holy grail for entrepreneurs looking to free up their time, untethering the cord of daily duties and responsibilities in the potential to generate healthy monthly revenues. Though the importance of passive income isn't often doubted, the monumental hurdle often required to achieve a respectable amount of money flow from automatically-recurring revenue flows is often too good for many to endure. .
Clearly, it is hard to generate passive income. It requires the upfront investment of a significant amount of the time, normally with little to no returns for extended periods. We can go months and even years without a single buck produced from passive income activities, making even the most astute entrepreneur shake their head in utter and utter frustration. .
The fact of the matter is that time is far more precious than money. While money can be spent and earned, time can only be spent once, then it has gone forever. As we age and grow old, we understand the importance of the time and being able to freely choose what we do with these precious moments that we do have in life. .
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All entrepreneurs seek passive income. What only a few know, however, is the way to separate fact from fiction.
Wouldn't it be great to earn money while you're relaxing on the beachRelated: 17 Passive Income Ideas for Automating Your Money FlowFew concepts are more appealing than passive income. In the end, what could be better than making money without having to do any job When you read headlines which Amazon founder Jeff Bezos currently earns over $230,000 each second, it's only natural to start wondering how you too can earn money when you are not working.Even in case you don't generate as much passive income as Bezos, an additional source of revenue could allow you to leave the daily grind of this 9-to-5 workday so that you could pursue entrepreneurial dreams or journey the world.But, generating passive income isn't as simple or straightforward as some of the planet's richest people can make it seem to be.
Even more importantly, it demands that you dedicate your own time and investments in the right areas.If you are serious about using passive income to increase your quality of life, you can't afford to fall for these seven persistent truths.1. You can"set and forget" your revenue streams.This is possibly the most dangerous myth connected with passive income.We like the idea of not needing to do any additional work after setting up a site or online shop.
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Website visitors expect new content on a consistent basis. Individuals who enroll in an online class anticipate personalized support when they encounter a problem. The internet itself is constantly changing.If you aren't doing what you can to stay on top of industry changes, client expectations and other responsibilities you'd find in any"active" business, your passive income will quickly dry up.
You will also probably need to continually fine-tune your idea to help it stay relevant.Passive income nevertheless needs an energetic presence.Related: 7 Ways to Make Extra Income Even With a Full-Time Job2. You only need a single weekend to get started.It's simple to suppose that anyone can throw together a site or another passive income source in a single weekend.
Adams, bloggers need to find the right niche, choose a web hosting platform and buy a domain name just to get started. After that, they still need to learn about browser caching, SEO, permalinks and more -- and don't forget about writing good content and uploading quality images!Needless to say, you likely won't have the ability to do this all in a single weekend.Be willing to spend the opportunity to learn the particular opportunities and challenges related to your thought, and put in the effort to get it right.
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Quality will win over rate every time.Related: Serious Entrepreneurs Have 2 Goals: Passive Income and Multiple Revenue Streams3. One strong source of income would be all you need.Another dangerous myth of passive income is that you can generate all the money that you need with a single source of revenue. This is Get More Information similar to putting all of your stock market investments into a single company.
By diversifying your revenue flows, you will get a greater likelihood of earning enough to encourage your needs.Related: 11 Ways to Make Money While You Sleep4. Property is the safest type of passive income.With home and land values increasing at a rapid pace throughout the country, many individuals are falling for the idea that property management and house flipping are simple methods of generating passive income.In reality, successful home management is never truly"passive." Property repairs and updates, dealing with poor tenants and other unexpected expenses are surprisingly common, eating away at the income you'd hope to generate from these endeavors.It quickly becomes clear that land management and other real estate investments rarely generate the ROI investors anticipate.