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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. 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 great for many to bear. .
Clearly, it's hard to generate passive income. It requires the upfront investment of a significant amount of our time, usually with little to no returns for extended periods. We can go months and even years without a single dollar 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 old, we understand the importance of the 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 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 Cash FlowFew concepts are more appealing than passive income. In the end, what could be better than making money without having to perform any job When you browse 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 the 9-to-5 workday so that you could pursue entrepreneurial dreams or travel 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.
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Blog visitors expect new content on a consistent basis. Individuals who enroll in an online class anticipate personalized aid when they encounter an issue. The internet itself is constantly changing.If you aren't doing what you can to remain on top of industry changes, client expectations and other responsibilities you would find in any"active" business, your passive income will quickly dry up.
Adams, bloggers need to find the ideal niche, select a hosting platform and purchase a domain name simply to get started. After that, they still need to learn about browser caching, SEO, permalinks and more -- and don't helpful resources forget about writing great 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 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 strong source of income is 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 similar to putting all of your stock market investments into a single company.
By diversifying your revenue streams, you'll get a better 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 Continue land values increasing at a rapid rate across the country, many individuals are falling for the idea that property management and home flipping are simple methods of generating passive income.In fact, successful home management is never truly"passive." Property repairs and updates, dealing with poor tenants and other unexpected expenses are surprisingly common, eating away at the income you'd hope to generate from such endeavors.It quickly becomes evident that property management and other real estate investments seldom generate the ROI investors expect.