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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. .

Certainly, it is difficult to generate passive income. It requires 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 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 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 these 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 Cash FlowFew concepts are somewhat 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 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 make it possible for you to leave the daily grind of the 9-to-5 workday so you could 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 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 seriously interested in using passive income to increase your wellbeing, you can't manage to fall for those seven persistent truths.1. You can"set and forget" your revenue streams.This is possibly the most dangerous myth connected with passive income.We all like the idea of not needing to do any additional work after setting up a blog or online store.

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Website visitors anticipate new content on a consistent basis. People who enroll in an online class anticipate personalized support when they encounter an issue. 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"busy" business, your passive income will quickly dry up.

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You will also probably need to continually fine-tune your idea to allow it to stay relevant.Passive income still requires an active presence.Related: 7 Ways to Make Source 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 right niche, choose a hosting platform and buy a domain name just to begin. After that, they still need to learn about browser caching, SEO, permalinks and more -- and don't forget about writing great content and uploading quality images!Needless to say, you probably won't be able to do this all 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 solid source of income is 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 similar to putting all your stock market investments into a single company.

By diversifying your revenue streams, you will have a better likelihood of earning enough to support moved here your needs.Related: 11 Ways to Make Money While You Sleep4. Property is the safest form of passive income.With house and land values increasing at a rapid pace throughout 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 home management is never really"passive." Property repairs and upgrades, 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 land management and other property investments seldom generate the ROI investors anticipate.

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