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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 in 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 money flow from automatically-recurring revenue flows is often too great for most to bear. .

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 periods. We can go months and even years without a single buck generated 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 a lot more precious 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 older, we understand the importance of 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 how to separate fact from fiction.

Wouldn't it be great to earn money while you're relaxing on the beachRelated: 17 Passive Income Ideas 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 read headlines which Amazon founder Jeff Bezos currently earns over $230,000 each second, it is only natural to begin 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 the 9-to-5 workday so you might pursue entrepreneurial dreams or travel the world.But, generating passive income isn't as simple or straightforward as a few of the world's richest folks can make it appear to be.

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Even more importantly, it demands that you devote your own time and investments in the ideal areas.If you're serious about using passive income to increase your quality of life, you can't manage to fall for those seven persistent myths.1. You can"set and forget" your revenue streams.This is perhaps you can try here 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 expect new content on a consistent basis. Individuals 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 what you can to stay on top of industry changes, customer expectations and other responsibilities you would find in any"active" business, your passive income will dry up.

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You'll also likely need to continually great post to read fine-tune your thought to allow it to stay relevant.Passive income still needs an active presence.Related: 7 Ways to Generate Extra Income Even Having 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, choose a hosting platform and buy a domain name simply to get started. Following 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 this all in a single weekend.Be willing to spend 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 over speed every time.Related: Serious Entrepreneurs Have investigate this site 2 Aims: Passive Income and Multiple Revenue Streams3. One solid source of income is you need.Another dangerous myth of passive income is that you can generate all the money you need using a single source of revenue. This is similar to 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 needs.Related: 11 Ways to Make Money While You Sleep4. Real estate is the safest type of passive income.With house and property values increasing at a rapid rate throughout the country, many individuals are falling for the idea that property management and house flipping are simple methods of generating passive income.In reality, effective home 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 would hope to generate from such endeavors.It quickly becomes clear that land management and other property investments rarely generate the ROI investors anticipate.

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