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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. Though the importance of passive income isn't often doubted, the monumental hurdle often required to accomplish a decent amount of cash flow from automatically-recurring revenue streams is often too great for most to endure. .

Clearly, it's hard to generate passive income. It requires that the upfront investment of a significant amount of the 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 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 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 those precious moments we do have in life. .

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All entrepreneurs find passive income. What only a few know, however, is the way to separate fact 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 somewhat more appealing than passive income. After all, what could be better than making money without having to perform any work When you read headlines which Amazon founder Jeff Bezos currently earns over $230,000 each second, it's only natural to begin wondering how you too can earn money when you are 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 this 9-to-5 workday so that you could pursue entrepreneurial dreams or travel the world.But, generating passive income isn't as straightforward or straightforward as some of the planet's richest people can make it seem to be.

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Even more importantly, it requires that you dedicate your own time and investments in the right areas.If you are seriously interested in using passive income to increase your wellbeing, you can't manage to fall for those 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 store.

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Website visitors expect new content on a consistent basis. Individuals 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, 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 probably need to continually fine-tune your thought to help it stay relevant.Passive income still requires an energetic presence.Related: 7 Ways to Make Extra Income Even With a Full-Time Job2. You only need a single weekend to get started.It's simple to suppose that anyone can throw together a blog or another passive income source in a single weekend.

Adams, bloggers need to find the ideal niche, choose a hosting platform and buy a domain name simply to get started. After that, they still need to learn about browser caching, SEO, permalinks and more -- and don't forget about writing great content useful source and uploading quality images!Needless to say, you probably won't have the ability to do this all in a single weekend.Be willing to spend some opportunity 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 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 the money that you need using a single source of revenue. This is similar to putting all of 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. Property is the safest type of passive income.With house and property values increasing at a rapid pace across the country, many individuals are falling for the idea that property management and house flipping are straightforward procedures of generating passive income.In fact, successful home 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'd hope to generate from these endeavors.It quickly becomes evident that land management and other real estate investments seldom generate the ROI investors anticipate.

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