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

Certainly, it is hard to generate passive income. It takes that the upfront investment of a significant amount of the 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 valuable 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 those precious moments that 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 more appealing than passive income. In the end, what could be better than making money without having to do any job When you browse headlines that 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 the 9-to-5 workday so that you could pursue entrepreneurial dreams or journey the world.But, generating passive income isn't as straightforward or straightforward as some of the world's richest people can make it appear 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 are serious about using passive income to increase your quality of life, 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 notion of not needing to perform any additional work after setting up a site or online store.

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Blog visitors anticipate new content on a consistent basis. Individuals who enroll in an online class anticipate personalized support when they encounter a problem. The internet itself is constantly changing.If you aren't doing your part to stay on top of industry changes, customer expectations and other responsibilities you would find in any"busy" business, your passive income will quickly dry up. basics

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You will also likely need to continually fine-tune your thought to help it stay relevant.Passive income still needs 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 assume that anyone can toss together a site or another passive income source in a single weekend.

Adams, bloggers need to find the ideal niche, choose a hosting platform and purchase a domain name just to get started. After 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 state, you probably won't have the ability to do all this in a single weekend.Be willing to take some time 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 more than rate every time.Related: Serious Entrepreneurs Have 2 Aims: Passive 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 your stock exchange investments into a single company.

By diversifying your revenue streams, you will get 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 land values increasing at a rapid rate throughout the country, click here to read many individuals are falling for the idea that property management and home flipping are simple procedures of generating passive income.In the original source fact, successful home management is never truly"passive." Property repairs and upgrades, dealing with bad tenants and other unexpected expenses are surprisingly common, eating away at the income you would hope to generate from these endeavors.It quickly becomes clear that land management and other property investments rarely generate the ROI investors anticipate.

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