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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. 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 most to endure. .
Clearly, it is hard to generate passive income. It requires that the upfront investment of a significant amount of our time, normally with little to no returns for extended periods. We can go months and even years without a single buck generated from passive income actions, making even the most astute entrepreneur shake their head in sheer 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 the 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 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 more than 230,000 each second, it is only natural to start 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 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 straightforward or straightforward as some of the planet's richest people can make it appear to be.
Even more importantly, it demands that you devote your own time and investments in the right areas.If you are serious about using passive income to increase your wellbeing, 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 connected with passive income.We like the notion of not needing to do any additional work after setting up a blog or online store.
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Blog visitors anticipate new content on a consistent basis. People who enroll in an online course anticipate personalized support when they check it out encounter an issue. The internet itself is constantly changing.If you aren't doing what you can to stay on top of industry changes, customer 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 thought to allow it to stay relevant.Passive income More Help still requires an active 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 blog or another passive income source in a single weekend.
Adams, bloggers need to find the right niche, select a web hosting platform and purchase a domain name simply to begin. Following 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 probably won't be able to do all this in a single weekend.Be willing to spend the opportunity to learn the specific opportunities and challenges linked to your thought, and put in the effort to get it right.
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Quality will win more than rate every time.Related: Serious Entrepreneurs Have 2 Aims: 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 you need using 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 encourage your needs.Related: 11 Ways to Make Money While You Sleep4. Property is the safest type of passive income.With house and property values increasing at a rapid pace throughout the country, many individuals are linked here falling for the idea that property management and house flipping are straightforward procedures of generating passive income.In fact, 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 these endeavors.It quickly becomes clear that property management and other real estate investments rarely generate the ROI investors anticipate.