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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. While the importance of passive income isn't often doubted, the monumental hurdle often needed to accomplish a decent amount of money flow from automatically-recurring revenue streams is often too great for many to bear. .

Certainly, it's difficult to generate passive income. It requires the upfront investment of a significant amount of the time, normally with little to no returns for extended periods. We can go months and even years without a single dollar 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 has 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 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 Suggestions 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 perform any work When you read headlines that Amazon founder Jeff Bezos currently earns more than 230,000 per 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 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 a few of the world's richest folks can make it appear to be.

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Even more importantly, it demands that you dedicate your own time and investments in the right areas.If you are serious about using passive income to increase your wellbeing, you can't afford to fall for these seven persistent myths.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 expect new content on a consistent basis. Individuals who enroll in an online class anticipate 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, 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 help it remain relevant.Passive income nevertheless needs 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 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 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 great content and uploading quality images!Needless to say, you likely won't be able to do all this in a single weekend.Be willing to take the time to learn the specific opportunities and challenges linked to your idea, and put in the effort to get it right.

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Quality will win more than speed every time.Related: Serious Entrepreneurs Have 2 Aims: Passive Income and Multiple Revenue Streams3. One solid source of income is 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 your stock exchange investments into a single company.

By diversifying your revenue streams, you will have a better 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 house and property values increasing at a explanation rapid pace across the country, many individuals are falling for the notion that property management and home flipping are simple procedures of generating passive income.In reality, effective home management is never truly"passive." Property repairs and upgrades, 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 real estate investments seldom generate the ROI investors expect.

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