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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 from the potential to generate healthy monthly revenues. Though the importance of passive income isn't often doubted, the monumental hurdle often needed to achieve a respectable amount of money flow from automatically-recurring revenue streams is often too good 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 utter and utter frustration. .

The fact 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 old, we understand the importance of 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 find 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 Ideas for Automating Your Money FlowFew concepts are somewhat more appealing than passive income. After all, what could be better than making money without having to do any job When you browse headlines that Amazon founder Jeff Bezos currently earns over $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 allow 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 straightforward 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 demands that you devote your own time and investments in the ideal areas.If you're seriously interested in using passive income to increase your wellbeing, you can't afford to fall for those seven persistent truths.1. You can"set and forget" your revenue streams.This is perhaps the most dangerous myth connected with passive income.We like the idea 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. Individuals 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 what you can to stay on top of industry changes, customer expectations and other responsibilities you'd find in any"busy" business, your passive income will dry up.

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You will also probably need to continually fine-tune your idea to allow it to remain relevant.Passive income still requires 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 simple to assume that anyone can toss together a blog or check my site another passive income source in a single weekend.

Adams, bloggers need to find the right niche, choose a web hosting platform and purchase a domain name just to begin. Following that, they still need to learn about browser caching, SEO, permalinks and much more -- and don't forget about writing good content and uploading quality images!Needless to say, you likely won't be able to do this all in a single weekend.Be willing to take some opportunity to learn the particular opportunities and challenges related to your idea, and put in the effort to get it right.

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Quality will win over rate every time.Related: Serious Entrepreneurs Have 2 Goals: Exotic Income and Multiple Revenue Streams3. One solid source of income is all you need.Another dangerous myth of passive income is that you can generate all of the money that 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'll have a greater likelihood 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 land values increasing at a rapid rate throughout the country, many individuals are falling for the notion that property management and home flipping are simple methods of generating passive income.In fact, effective home management is never really"passive." Property repairs and upgrades, dealing with bad tenants and other unexpected expenses are surprisingly common, eating away at the income you'd expect to generate from such endeavors.It quickly becomes clear that property management and other real estate investments rarely generate the ROI investors anticipate.

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