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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 decent amount of cash flow from automatically-recurring revenue flows is often too good for many to endure. .

Certainly, it is difficult to generate passive income. It takes that the upfront investment of a significant amount of our time, usually with minimal to no returns for extended intervals. 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 utter and utter frustration. .

The truth of the matter is that time is a lot more valuable 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 old, we understand the importance of the time and being able to freely choose what we do with those precious moments that we do have in life. .

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All entrepreneurs find 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 Money 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 read headlines which Amazon founder Jeff Bezos currently earns over $230,000 per 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 the 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 a few of the world's richest folks can make it appear to be.

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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 wellbeing, published here you can't manage to fall for these seven persistent myths.1. You can"set and forget" your revenue streams.This is perhaps the most dangerous myth associated with passive income.We all like the idea of not needing to do any additional work after setting up a site or online shop.

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Blog visitors anticipate new content on a consistent basis. Individuals who enroll in an online class anticipate personalized support when they encounter an issue. The internet itself is constantly changing.If you aren't doing your part to stay on top of industry changes, customer expectations and other responsibilities you would find in any"active" business, your passive income will dry up.

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You will also likely need to continually fine-tune your thought to help it stay relevant.Passive income still needs 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 assume that anyone can throw 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 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 probably won't have the ability to do this all in a single weekend.Be willing to spend the time to learn the specific opportunities and challenges related 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 Click Here Have 2 Aims: Passive Income and Multiple Revenue Streams3. One solid 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 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 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 see this website other unexpected expenses are surprisingly common, eating away at the income you'd hope to generate from these endeavors.It quickly becomes clear that land management and other real estate investments rarely generate the ROI investors anticipate.

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