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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 accomplish a decent amount of cash flow from automatically-recurring revenue streams is often too great for most to bear. .

Clearly, it is difficult to generate passive income. It takes the upfront investment of a significant amount of our time, usually with minimal to no returns for extended intervals. 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 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 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 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 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 somewhat more appealing than passive income. After all, what could be better than making money without having to perform any work When you browse headlines that Amazon founder Jeff Bezos currently earns more than 230,000 per second, it is only natural to start wondering how you too can earn money when you're not working.Even in case 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 this 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 some of the world'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're serious about using passive income to increase your quality of life, you can't afford to fall for those seven persistent myths.1. You can"set and forget" your revenue streams.This is possibly the most dangerous myth associated with passive income.We like the notion of not needing to perform any additional work after setting up a site or online store.

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Website visitors expect new content on a consistent basis. Individuals who enroll in an online course expect personalized support 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 would find in any"busy" business, your passive income will dry up.

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You'll also probably need to continually fine-tune your thought to click to read more allow it to remain relevant.Passive income nevertheless requires an active presence.Related: 7 Ways to Make Extra Income Even Having a Full-Time Job2. You only need a single weekend for started.It's simple 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 begin. After 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 probably won't be able to do all this in a single weekend.Be willing to take 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 2 Aims: Passive Income and Multiple Revenue Streams3. One solid 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 with 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 encourage your needs.Related: 11 Ways to Make Money While You Sleep4. check out here Real estate is the safest type of passive income.With home and land values increasing at a rapid rate across the country, many individuals are falling for the idea that property management and home flipping are simple methods of generating passive income.In fact, successful home management is never truly"passive." Property repairs and updates, dealing with poor 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 property investments seldom generate the ROI investors anticipate.

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