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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 in the potential to generate healthy monthly revenues. Though the importance of passive income isn't often doubted, the monumental hurdle often needed to accomplish a decent amount of cash flow from automatically-recurring revenue streams is often too good for most to bear. .

Certainly, it's hard to generate passive income. It requires the upfront investment of a significant amount of our time, usually with minimal to no returns for extended periods. We can go months and even years without a single buck produced 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's 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 find 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 work When you browse headlines which Amazon founder Jeff Bezos currently earns more than 230,000 each second, it's only natural to start 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 make it possible for you to leave the daily grind of this 9-to-5 workday so that you might pursue entrepreneurial dreams or journey the world.But, generating passive income isn't as straightforward or straightforward as some of the planet's richest people can make it seem to be.

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Even more importantly, it requires that you devote your own time and investments in the right areas.If you're seriously interested in using passive income to redirected here 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 like the idea of not needing to do any additional work after setting up a blog or online shop.

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Blog visitors expect new content on a consistent basis. People who enroll in an online course expect personalized support when they encounter discover this info here a problem. 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 would find in any"busy" business, your passive income will dry up.

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You'll also likely need to continually fine-tune your idea to help it stay relevant.Passive income nevertheless needs an energetic presence.Related: 7 Ways to Generate Extra Income Even With a Full-Time Job2. You only need a single weekend for 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, select a hosting platform and buy a domain name just to get started. After that, they still need to learn about browser caching, SEO, permalinks and more -- and don't forget about writing good 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 great site linked 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 solid source of income is all you need.Another dangerous myth of passive income is that you can generate all of the money you need with a single source of revenue. This is similar to putting all of your stock market investments into a single company.

By diversifying your revenue streams, you will have a better probability 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 home and property values increasing at a rapid pace across the country, many individuals are falling for the notion that property management and house flipping are straightforward procedures of generating passive income.In reality, successful property 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 evident that property management and other property investments rarely generate the ROI investors anticipate.

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