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Passive income has long been the holy grail for entrepreneurs looking to free up their time, untethering the string of daily duties and responsibilities from the potential to generate healthy monthly revenues. While 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. .
Certainly, it is difficult to generate passive income. It takes that the upfront investment of a significant amount of the time, normally with minimal to no returns for extended periods. We can go months and even years without a single buck generated from passive income activities, making even the most astute entrepreneur shake their head in utter and utter frustration. .
The truth 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 older, we understand the importance of time and being able to freely choose what we do with those precious moments we do have in everyday 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 Suggestions 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 browse headlines which Amazon founder Jeff Bezos currently earns more than 230,000 per second, it's 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 that you might pursue entrepreneurial dreams or journey the world.But, generating passive income isn't as simple or straightforward as a few of the planet's richest people can make it appear to be.
Even more importantly, it requires that you devote your own time and investments in the ideal areas.If you're seriously interested in using passive income to increase your quality of life, you can't manage check my reference to fall for these seven persistent truths.1. You can"set and forget" your revenue streams.This is perhaps the most dangerous myth associated with passive income.We like the notion of not needing to perform any additional work after setting up a site or online store.
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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 an issue. The internet itself is constantly changing.If you aren't doing your part to remain on top of industry changes, customer expectations and other responsibilities you would find in any"active" business, your passive income will dry up.
You'll also probably 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 assume that anyone can throw together a site or another passive income source in a single weekend.
Adams, bloggers need to find the right niche, select a hosting platform and purchase a domain name just to begin. Following 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 state, you likely won't have the ability to do this all in a single weekend.Be willing to take the opportunity to learn the specific opportunities and challenges linked to your thought, and check it out 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 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 similar to putting all your stock market investments into a single company.
By diversifying your revenue flows, you'll have a greater probability of earning enough to support 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 straightforward procedures of generating passive income.In reality, successful home management is never really"passive." Property repairs and updates, dealing with poor tenants and other unexpected expenses are surprisingly common, eating away at the income you'd expect to generate from these endeavors.It quickly becomes clear that land management and other property investments rarely generate the ROI investors anticipate.