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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 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 respectable amount of money flow from automatically-recurring revenue flows is often too great for many to endure. .
Certainly, it is difficult to generate passive income. It requires the upfront investment of a significant amount of the time, normally with little to no returns for extended intervals. We can go months and even years without a single buck produced 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 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 these precious moments we do have in life. .
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All entrepreneurs find 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 Cash FlowFew concepts are somewhat more appealing than passive income. After all, what could be better than making money without having to perform any work When you read headlines which Amazon founder Jeff Bezos currently earns over $230,000 each second, it's only natural to begin wondering how you too can earn money when you're 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 this 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 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 ideal areas.If you're seriously interested in using passive income to increase your quality of life, you can't afford to fall for these seven persistent myths.1. You can"set and forget" your revenue streams.This is possibly the most dangerous myth connected with passive income.We all like the idea of not needing to do any additional work after setting up a site or online store.
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Blog visitors expect new content on a consistent basis. Individuals who enroll in an online course expect personalized aid when they encounter a problem. 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"busy" business, your passive income will dry up.
You will also likely need to continually fine-tune your idea to help it stay relevant.Passive income nevertheless 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 assume that anyone can toss together a blog or another passive income source in a single weekend.
Adams, bloggers need to find the ideal niche, choose a web hosting platform and buy 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 great 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 spend some opportunity to learn the specific opportunities and challenges related to your idea, and put in the effort to get it right.
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Quality will win over rate every time.Related: Serious Entrepreneurs Have 2 Aims: Passive Income and Multiple Revenue Streams3. One strong source of income is all you need.Another dangerous myth of passive income is that you can generate all of the money you need using a single source of revenue. This is similar to putting all your stock exchange investments into a single company.
By diversifying your revenue streams, you will have a greater probability of earning enough to support your needs.Related: 11 Ways to Make Money While You Sleep4. Property is the safest form of passive income.With house and property values increasing at a rapid rate throughout the country, many individuals are falling for the idea that property management and house flipping are straightforward methods of generating passive income.In fact, successful home management is never truly"passive." Property repairs and upgrades, dealing click over here 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 seldom generate the ROI investors expect.