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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 in the potential to generate healthy monthly revenues. While 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 flows is often too great for most to endure. .

Clearly, it's hard to generate passive income. It takes the upfront investment of a significant amount of the time, normally 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 fact 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 older, we understand the importance of time and being able to freely choose what we do with those precious moments that 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 work When you read headlines that Amazon founder Jeff Bezos currently earns more than 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 the 9-to-5 workday so that you could pursue entrepreneurial dreams or journey the world.But, generating passive income isn't as straightforward or straightforward as some of the planet's richest folks can make it seem to be.

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Even more importantly, it requires 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, you can't afford 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 idea of not needing to do any additional work after setting up a site or online shop.

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

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You'll also probably need to continually fine-tune your thought to allow it to remain relevant.Passive income nevertheless requires an energetic presence.Related: 7 Ways to Generate Extra Income Even Having a Full-Time Job2. You only need a single weekend to get started.It's easy to assume that anyone can toss together official site a site or another passive income source in a single weekend.

Adams, bloggers need to find the right niche, select a web 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 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 the opportunity to learn the specific opportunities and challenges linked to your thought, and put in the effort to get it right.

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Quality will win more than speed every time.Related: Serious Entrepreneurs Have 2 Goals: Exotic Income and Multiple Revenue Streams3. One solid source of income would be 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 like putting all your stock market investments into a single company.

By diversifying your revenue flows, you'll get a greater probability of earning enough to support 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 the notion that property management and home flipping are straightforward methods of generating passive income.In fact, 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'd expect to generate from these endeavors.It quickly becomes evident that land management and other property investments seldom generate the ROI investors expect.

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