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

Clearly, it's difficult to generate passive income. It takes that the upfront investment of a significant amount of the time, normally with minimal to no returns for extended periods. We can go months and even years without a single buck produced from passive income activities, 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 the 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 find 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 Suggestions for Automating Your Money FlowFew concepts are somewhat 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 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 this 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 world's richest folks can make it seem to be.

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Even more importantly, it demands that you dedicate your own time and investments in the ideal areas.If you're serious about using passive income to increase your wellbeing, you can't afford to fall for those seven persistent myths.1. You can"set and forget" your revenue streams.This is possibly the most dangerous myth associated with passive income.We like the notion of not needing to perform any additional work after imp source setting up a site or online shop.

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Website visitors expect new Get the facts content on a consistent basis. People who enroll in an online class anticipate 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, customer expectations and other responsibilities you'd find in any"active" business, your passive income will dry up.

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You will also probably need to continually fine-tune your thought to allow it to remain relevant.Passive income nevertheless needs an energetic presence.Related: 7 Ways to Generate Extra Income Even With a Full-Time Job2. You only need a single weekend to get started.It's easy to assume that anyone can throw together 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 begin. After that, they still need to learn about browser caching, SEO, permalinks and more -- and don't forget about writing good 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 opportunity to learn the specific opportunities and challenges linked 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 Aims: view publisher site Exotic Income and Multiple Revenue Streams3. One strong source of income is 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 market investments into a single company.

By diversifying your revenue streams, you'll get a greater probability 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 home and property values increasing at a rapid rate across the country, many individuals are falling for the idea that property management and house flipping are simple methods of generating passive income.In fact, effective home management is never really"passive." Property repairs and upgrades, 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 property management and other property investments rarely generate the ROI investors expect.

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