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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 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 most to bear. .

Clearly, it's difficult to generate passive income. It requires 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 dollar produced from passive income activities, making even the most astute entrepreneur shake their head in sheer and utter frustration. .

The fact 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 older, we understand the importance of time and being able to freely choose what we do with these precious moments we do have in everyday 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 do any work When you browse headlines that Amazon founder Jeff Bezos currently earns more than 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 make it possible for you to leave the daily grind of the 9-to-5 workday so you could pursue entrepreneurial dreams or journey the world.But, generating passive income isn't as straightforward or straightforward as a few of the planet's richest people 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 are seriously interested in using passive income to increase your wellbeing, 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 connected with passive income.We all like the notion of not needing to perform any additional work after setting up a site or online store.

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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 a problem. 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 dry up.

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You'll also likely need to continually fine-tune your thought to help it remain relevant.Passive income nevertheless requires an active presence.Related: 7 Ways to Generate Extra Income Even With a Full-Time Job2. You only need a single weekend for started.It's easy to suppose that anyone can throw together a site or another passive income source in a single weekend.

Adams, bloggers need to find the right niche, choose a web hosting platform and purchase a domain why not try these out 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 good content and uploading quality images!Needless to say, you probably won't have the ability to do all this in a single weekend.Be willing to take some opportunity to learn the particular opportunities and challenges linked to your idea, and put in the effort to get it right.

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Quality will win over speed 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 that 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 flows, you'll get a greater likelihood of earning enough to encourage your needs.Related: 11 Ways to Make Money While You Sleep4. Real estate is the safest form of passive income.With house and property values increasing at a rapid pace across the country, many individuals are falling for why not find out more the notion that property management and home flipping are straightforward methods of generating passive income.In reality, effective property management is never really"passive." Property repairs and updates, dealing with poor tenants and other unexpected expenses are surprisingly common, eating away at the income you would expect to generate from such endeavors.It quickly becomes evident that property management and other property investments rarely generate the ROI investors anticipate.

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