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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 required to accomplish a respectable amount of money flow from automatically-recurring revenue streams is often too good for most to bear. .
Clearly, it's hard to generate passive income. It requires that the upfront investment of a significant amount of the time, usually with minimal to no returns for extended intervals. We can go months and even years without a single dollar produced from passive income actions, 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's 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 how 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 somewhat more appealing than passive income. After all, what could be better than making money without having to do any job When you browse headlines that Amazon founder Jeff Bezos currently earns over $230,000 per second, it's 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 allow 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 devote your own time and investments in the right areas.If you are seriously interested in using passive income to increase your wellbeing, you can't manage to fall for these seven persistent myths.1. You can"set and forget" your revenue streams.This is possibly 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 shop.
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Website 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 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"busy" 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 requires an energetic presence.Related: 7 Ways to Generate Extra Income Even Having a Full-Time Job2. You only need a single weekend for started.It's simple 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 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 take 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 over speed every time.Related: Serious Entrepreneurs Have 2 Aims: Exotic 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 that you need using a single source of revenue. This is similar to putting all of this content your stock exchange investments into a single company.
By diversifying your revenue flows, you will get 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 home 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 straightforward methods of generating passive income.In fact, 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 such endeavors.It quickly becomes evident that property management and other property investments rarely generate the ROI investors expect.