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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. While the importance of passive income isn't often doubted, the monumental hurdle often needed to achieve a respectable amount of cash flow from automatically-recurring revenue flows is often too good for many to endure. .
Clearly, it is hard to generate passive income. It takes the upfront investment of a significant amount of our time, usually with little to no returns for extended intervals. 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 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 old, we understand the importance of time and being able to freely choose what we do with these precious moments 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 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 read headlines which Amazon founder Jeff Bezos currently earns more than 230,000 each second, it's only natural to begin wondering how you too can earn money when you are not working.Even if 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 you could pursue entrepreneurial dreams or journey the world.But, generating passive income isn't as simple or straightforward as some of the world's richest folks can make it seem to be.
Even more importantly, it demands that you devote your own time and investments in the right areas.If you have a peek at this site are serious about using passive income to increase your quality of life, you can't afford to fall for those seven persistent myths.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 do any additional work after setting up a blog or online store.
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Website visitors anticipate new content on a consistent basis. People 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 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 dry up.
You'll also probably need to continually fine-tune your idea to help it remain relevant.Passive income still requires an energetic presence.Related: 7 Ways to Make Extra Income Even Having a Full-Time Job2. You only need a single weekend to get started.It's easy to assume that anyone can toss 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 simply to begin. After that, they still need to learn about browser caching, SEO, permalinks and much 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 all this in a single weekend.Be willing to take some opportunity 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 his explanation than speed every time.Related: Serious Entrepreneurs Have 2 Goals: Exotic 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 of the money that you need using a single source of revenue. This is like putting all your stock exchange investments into a single company.
By diversifying your revenue streams, you'll have a better likelihood of earning enough to support your needs.Related: 11 Ways to Make Money While You Sleep4. Real estate is the safest form of passive income.With house and property values increasing at a rapid rate across the country, many individuals are falling for the idea that property management and home flipping are simple procedures of generating passive income.In reality, successful property 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 such endeavors.It quickly becomes evident that property management and other real estate investments seldom generate the ROI investors anticipate.