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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 needed to accomplish a decent amount of money flow from automatically-recurring revenue flows is often too great for many to bear. .

Certainly, it's difficult to generate passive income. It requires that the upfront investment of a significant amount of our time, normally with little 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 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 has 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 Suggestions 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 perform any job When you browse headlines that Amazon founder Jeff Bezos currently earns over $230,000 each 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 make it possible for you to leave the daily grind of the 9-to-5 workday so you might pursue entrepreneurial dreams or journey the world.But, generating passive income isn't as simple or straightforward as a few read this article of the planet's richest people can make it seem 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 are seriously interested in using passive income to increase your wellbeing, you can't manage to fall for those seven persistent myths.1. You can"set and forget" your revenue streams.This is possibly the most dangerous myth connected with passive income.We all like the notion of not needing to perform any additional work after setting up a blog or online shop.

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Website visitors anticipate new content on a consistent basis. People 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 your part to remain on top of industry changes, client expectations and other responsibilities you'd find in any"active" business, your passive income will quickly dry up.

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You'll also likely need to continually fine-tune your thought to allow it to stay relevant.Passive income nevertheless 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 throw 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 buy a domain name just to begin. Following that, they still need to learn about browser caching, SEO, permalinks and much Learn More more -- and don't forget about writing great content and uploading quality images!Needless to state, you likely won't have the ability to do all this in a single weekend.Be willing to spend some opportunity to learn the particular 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 strong source of income would be all 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 like putting all your stock exchange investments into a single company.

By diversifying your revenue flows, you'll get a greater likelihood of earning enough to encourage your needs.Related: 11 Ways to Make Money While You Sleep4. Property is the safest type of passive income.With house and property values increasing at a rapid pace across the country, many individuals are falling for the idea that property management and house flipping are straightforward procedures of generating passive income.In fact, effective home management is never really"passive." Property repairs and updates, dealing with bad tenants and other unexpected expenses are surprisingly common, eating away at the income you would expect to generate from such endeavors.It quickly becomes clear that land management and other real estate investments seldom generate the ROI investors anticipate.

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