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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 needed to achieve a decent amount of cash flow from automatically-recurring revenue streams is often too great for most to bear. .
Certainly, it is difficult to generate passive income. It requires the upfront investment of a significant amount of our time, usually with minimal to no returns for extended periods. We can go months and even years without a single buck produced from passive income actions, making even the most astute entrepreneur shake their head in sheer 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 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 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 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'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 that you could pursue entrepreneurial dreams or journey the world.But, generating passive income isn't as simple or straightforward as some of the planet's richest folks can make it appear to be.
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Website visitors anticipate new content on a consistent basis. People who enroll in an online course expect personalized aid when they encounter an issue. The internet itself is constantly changing.If you aren't doing your part to remain on top of industry changes, customer expectations and other responsibilities you'd find in any"busy" business, your passive income will quickly dry up.
Adams, bloggers need to find the ideal niche, select a hosting platform and buy a domain name just to begin. After 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 say, you likely won't be able to do all this in a single weekend.Be willing to spend some 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 rate every time.Related: Serious Entrepreneurs Have 2 Goals: Passive 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 flows, you'll have a better probability of earning enough to encourage your needs.Related: 11 Ways to Make Money While You Sleep4. Real estate is the safest form of continue reading this passive income.With house and property values increasing at a rapid pace throughout the country, many individuals are falling for the idea that property management and house flipping are simple methods of generating passive income.In fact, effective home management is never really"passive." Property repairs and updates, dealing with bad 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 property investments rarely generate the ROI investors expect.