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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 from 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 streams is often too great for most to endure. .
Clearly, it's hard to generate passive income. It takes the upfront investment of a significant amount of the time, usually with little to no returns for extended intervals. We can go months and even years without a single buck produced from passive income actions, making even the most astute entrepreneur shake their head in utter and utter frustration. .
The fact of the matter is that time is a lot more valuable 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 older, we understand the importance of time and being able to freely choose what we do with these precious moments that we do have in everyday life. .
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All entrepreneurs find passive income. What only a few know, however, is how to separate reality 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. After all, what could be better than making money without having to do any work When you browse headlines which Amazon founder Jeff Bezos currently earns more than 230,000 each second, it is only natural to begin wondering how you too can earn money when you're not working.Even if you don't generate as much passive income as Bezos, an additional source of revenue could make it possible for you to leave the daily grind of the 9-to-5 workday so you might pursue entrepreneurial dreams or travel the world.But, generating passive income isn't as simple or straightforward as a few of the world's richest people can make it seem to be.
Even more importantly, it requires that you devote 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 associated with passive income.We all like the notion of not needing to perform any additional work after setting up a site or online store.
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Blog visitors expect new content on a consistent basis. Individuals who enroll in an online course expect personalized support when they encounter an issue. The internet itself is constantly YOURURL.com changing.If you aren't doing your part to remain on top of industry changes, client expectations and other responsibilities you would find in any"active" business, your passive income will dry up.
You will also likely need to continually fine-tune your idea to help it stay relevant.Passive income still requires an active 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 easy to suppose that anyone can toss together a blog 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 begin. Following that, they still need to learn about browser caching, SEO, permalinks and much more -- and don't forget about writing great 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 time to learn the specific opportunities and challenges related to your thought, and put in the effort to get it right.
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Quality will win more than speed every time.Related: Serious Entrepreneurs Have 2 Goals: Passive Income and Multiple Revenue Streams3. One solid source of income would be you need.Another dangerous myth of passive income is that you can generate all the money you need using a single source of revenue. This is like putting all of your stock exchange investments into a single company.
By diversifying your revenue flows, you'll have a greater likelihood of earning enough to encourage your needs.Related: 11 Ways to Make Money While You Sleep4. Real estate is the safest form of passive income.With home and land values increasing at a rapid rate across the country, many individuals are falling for the idea that property management and home flipping are straightforward methods of generating passive income.In reality, successful property management is never really"passive." Property repairs and upgrades, dealing with bad tenants and other unexpected expenses are surprisingly common, eating away at the income you'd expect to generate from these endeavors.It quickly becomes evident that property management look at here now and other real estate investments seldom generate the ROI investors anticipate.