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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 from 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 cash flow from automatically-recurring revenue flows is often too great for many to bear. .
Clearly, it's hard to generate passive income. It takes that the upfront investment of a significant amount of the time, usually 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 utter and utter frustration. .
The fact of the matter is that time is far more valuable 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 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 the way 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 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 browse headlines that Amazon founder Jeff Bezos currently earns over $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 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 a few of the world's richest people can make it appear to be.
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Blog visitors anticipate new content on a consistent basis. People who enroll in an online class expect personalized aid when they encounter a problem. 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 would find in any"active" business, your passive income will dry up.
Adams, bloggers need to find the ideal niche, select a hosting platform and buy a domain name just to begin. Following that, they still need to learn about browser caching, SEO, permalinks and more -- and don't forget about writing great content and uploading quality images!Needless to state, you probably won't have the ability to do this all in a single weekend.Be willing to spend some time 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 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 with 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 will get a better likelihood of earning enough to encourage your needs.Related: 11 Ways to Make Money While You Sleep4. Real estate is the safest type of passive income.With home and land values increasing at a rapid rate throughout the country, many individuals are falling for the idea that property management and house flipping are straightforward procedures of generating passive income.In reality, effective property management is never truly"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 land management and other real estate investments seldom generate the ROI investors anticipate.