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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 in 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 great for many to endure. .

Certainly, it is difficult to generate passive income. It takes that the upfront investment of a significant amount of our time, usually with little to no returns for extended periods. 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 utter 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 these precious moments that we do have in life. .

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All entrepreneurs seek 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 Suggestions for Automating Your Cash FlowFew concepts are 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 is only natural to begin 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 the 9-to-5 workday so that you might pursue entrepreneurial dreams or journey the world.But, generating passive income isn't as simple or straightforward as a few of the planet's richest people can make it appear 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're serious about using passive income to increase your wellbeing, you can't manage to fall for these seven persistent myths.1. You can"set and forget" 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 store.

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Website visitors anticipate new content on a consistent basis. People who enroll in an online course anticipate personalized aid when they encounter an issue. The internet itself is constantly changing.If you aren't doing your part to stay on top of industry changes, client expectations and other responsibilities you'd find in any"active" business, your passive income will quickly dry up. more information

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You will also likely 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 Having a Full-Time Job2. You only need a single weekend for started.It's easy to suppose that anyone can toss together a blog or another passive income source in a single weekend.

Adams, bloggers need to find the right niche, choose 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 good content and uploading quality images!Needless to say, you probably won't be able to do all this in a single weekend.Be willing to take the time 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 speed every time.Related: Serious Entrepreneurs Have 2 Goals: Exotic Income and Multiple Revenue Streams3. One solid source right here of income would be 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 your stock exchange investments into a single company.

By diversifying your revenue streams, you will 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 type 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 home flipping are straightforward visit the website methods of generating passive income.In reality, successful home management is never truly"passive." Property repairs and upgrades, dealing with bad tenants and other unexpected expenses are surprisingly common, eating away at the income you'd hope to generate from these endeavors.It quickly becomes clear that land management and other real estate investments rarely generate the ROI investors anticipate.

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