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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 required to accomplish a decent amount of cash flow from automatically-recurring revenue flows is often too good for most to endure. .

Clearly, it's hard to generate passive income. It requires 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 produced from passive income activities, making even the most astute entrepreneur shake their head in utter and utter frustration. .

The fact of the matter is that time is far 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 the time and being able to freely choose what we do with those precious moments we do have in life. .

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All entrepreneurs seek 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 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 work When you read headlines that Amazon founder Jeff Bezos currently earns more than 230,000 each second, it's only natural to begin wondering how you too can earn money when you are 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 the 9-to-5 workday so you could pursue entrepreneurial dreams or travel the world.But, generating passive income isn't as straightforward or straightforward as some of the world's richest folks can make it seem to be.

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 afford to fall for these 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 site or online store.

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Website visitors anticipate 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, client expectations and other responsibilities you'd find in any"active" business, your passive income will dry up.

You will also probably need to continually fine-tune your thought to allow it to remain relevant.Passive income still requires an active presence.Related: 7 Ways to Make Extra Income Even Having a Full-Time Job2. You only need a single weekend to get started.It's easy to suppose that anyone can throw together a blog or another passive income source in a single weekend.

Adams, bloggers need to find the right niche, select a web hosting platform and purchase a domain name just to get started. Following that, they still need to learn about browser caching, SEO, permalinks and much more -- and don't forget about writing good click over here now content and uploading quality images!Needless to say, you likely won't have the ability to do all this in a single weekend.Be willing to spend some opportunity to learn the specific opportunities and challenges related to your thought, 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: Exotic Income and Multiple Revenue Streams3. One strong source of income is all you need.Another dangerous myth of passive income is that you can generate all of 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 flows, you will have a better likelihood of earning enough to support your needs.Related: 11 Ways to Make Money While You Sleep4. Property is the safest form of passive income.With home 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 fact, effective property management is basics never truly"passive." Property repairs and updates, dealing with bad tenants and other unexpected expenses are surprisingly common, eating away at the income you'd hope to generate from such endeavors.It quickly becomes evident that land management and other real estate investments rarely generate the ROI investors anticipate.