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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 needed to accomplish a decent amount of money flow from automatically-recurring revenue streams is often too good for most to bear. .
Certainly, it is difficult to generate passive income. It takes the upfront investment of a significant amount of our time, usually with minimal to no returns for extended periods. We can go months and even years without a single dollar produced from passive income activities, making even the most astute entrepreneur shake their head in sheer 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's 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 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 Suggestions for Automating Your Money FlowFew concepts are somewhat more appealing than passive income. In the end, what could be better than making money without having to perform any job When you read headlines that 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 are not working.Even in case 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 journey the world.But, generating passive income isn't as simple or straightforward as some of the world's richest people can make it appear to be.
Even more importantly, it requires that you dedicate your own time and investments in the ideal areas.If you're seriously interested in using passive income to increase your wellbeing, you can't manage to fall for those 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 idea of not needing to do any additional work after setting up a blog or online shop.
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Website visitors expect new content on a consistent basis. Individuals who enroll in an online course expect personalized aid 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, client expectations and other responsibilities you'd find in any"active" business, your passive income will quickly dry up.
You will also likely need to continually fine-tune your thought to help it stay relevant.Passive income still needs an energetic presence.Related: 7 Ways to Generate 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 throw together a site or another passive income source in a single weekend.
Adams, bloggers need to find the right niche, choose a 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 probably won't be able to do all this in a single weekend.Be willing to spend the opportunity to learn the particular opportunities and challenges related to your idea, 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 Aims: Passive Income and Multiple Revenue Streams3. One solid source of income is 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 exchange investments into a single company.
By diversifying your revenue flows, you will have a better likelihood of earning enough to encourage your needs.Related: 11 Ways to Make Money While You Sleep4. Real estate is the safest type of passive click income.With house and land values increasing at a rapid pace across the country, many individuals are falling for the notion that property management and house flipping are straightforward procedures of generating passive income.In fact, effective property management is never really"passive." Property repairs and upgrades, 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 property management and other property investments seldom generate the ROI investors expect.