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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 accomplish a decent amount of cash flow from automatically-recurring revenue streams is often too great for most to endure. .

Clearly, it's difficult 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 produced from passive income actions, making even the most astute entrepreneur shake their head in sheer and utter frustration. .

The truth 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'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 fact from fiction.

Wouldn't it be great to earn money while you're relaxing on the beachRelated: 17 Passive Income Suggestions 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 browse headlines which Amazon founder Jeff Bezos currently earns over $230,000 each second, it's 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 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 world's richest folks can make it appear to be.

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Even more importantly, it demands that you dedicate your own time and investments in the right areas.If you're serious about using passive income to increase your quality of life, 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 associated with passive income.We 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. 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 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 idea to allow it to remain relevant.Passive income nevertheless needs an energetic presence.Related: 7 Ways to Generate Extra Income Even With a look at here Full-Time Job2. You only need a single weekend to get started.It's easy to assume that anyone can toss together a blog or another passive income source in a single weekend.

Adams, bloggers need to find the ideal niche, select a hosting platform and buy a domain 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 the 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 more than speed every time.Related: Serious Entrepreneurs Have 2 Goals: Exotic 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 you need using a single source of revenue. This is like putting all of your stock exchange investments into a single company.

By diversifying your revenue streams, you will have a better likelihood of earning enough to support your straight from the source needs.Related: 11 Ways to Make Money While You Sleep4. Real estate is the safest type of passive income.With house and land values increasing at a rapid rate across the country, many individuals are falling for the notion that property management and home flipping are simple procedures 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'd expect to generate from such endeavors.It quickly becomes evident that property management and other real estate investments seldom generate the ROI investors expect.

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