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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 achieve a respectable amount of cash flow from automatically-recurring revenue streams is often too good for most to endure. .

Clearly, it is hard to generate passive income. It requires that the upfront investment of a significant amount of the time, normally with little to no returns for extended intervals. 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 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 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 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 Suggestions for Automating Your Cash FlowFew concepts are 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 per second, it is only natural to start wondering how you too can earn money when you're not working.Even if you don't generate as much passive income as Bezos, an additional source of revenue could allow you to leave the daily grind of this 9-to-5 workday so you could pursue entrepreneurial dreams or travel the world.But, generating passive income isn't as straightforward or straightforward as a few of the planet'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 are seriously interested in using passive income to increase your wellbeing, you can't manage to fall for these seven persistent truths.1. You can"set and forget" more information your revenue streams.This is possibly the most dangerous myth connected 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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Website visitors anticipate new content on a consistent basis. People who enroll in an online course anticipate personalized support when they encounter an issue. 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 Click This Link will also probably need to continually fine-tune your thought to help it stay relevant.Passive income still needs an active 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 toss together a site or another passive income source in a single weekend.

Adams, bloggers need to find the ideal niche, select a hosting platform and purchase a domain name simply to begin. After that, they still need to learn about browser caching, SEO, permalinks and much more -- and don't forget about writing great content and uploading quality images!Needless to state, you likely won't be able to do all this in a single weekend.Be willing to take the opportunity to learn the specific opportunities and challenges related 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 Goals: Passive 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 the money you need with a single source of revenue. This is like putting all your stock exchange investments into a single company.

By diversifying your revenue flows, you will get a better probability of earning enough to encourage your needs.Related: 11 Ways to Make Money While You Sleep4. Property is the safest form of passive income.With home and property values increasing at a rapid pace across the country, many individuals are falling for the notion that property management and house flipping are simple methods of generating passive income.In reality, effective property management is never truly"passive." Property repairs and updates, dealing with bad tenants and other unexpected expenses are surprisingly common, eating away at the income you'd expect to generate from these endeavors.It quickly becomes clear that land management and other property investments rarely generate the ROI investors expect.

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