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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. Though the importance of passive income isn't often doubted, the monumental hurdle often needed to accomplish a respectable amount of cash flow from automatically-recurring revenue flows is often too good for many to bear. .

Certainly, it's difficult to generate passive income. It takes that the upfront investment of a significant amount of our 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 actions, making even the most astute entrepreneur shake their head in utter and utter frustration. .

The truth of the matter is that time is far more valuable 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 these precious moments that 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 more appealing than passive income. After all, what could be better than making money without having to perform any job When you read headlines which Amazon founder Jeff Bezos currently earns over $230,000 per second, it is only natural to begin 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 you could pursue entrepreneurial dreams or travel the world.But, generating passive income isn't as straightforward or straightforward as a few of the world's richest folks can make it appear to be.

Even more importantly, it requires that you dedicate your own time and investments in the ideal areas.If you are seriously interested in using passive income to increase your quality of life, 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 idea of not needing to perform any additional work after setting up a blog or online store.

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

You'll also likely need to continually fine-tune your idea to allow it to stay relevant.Passive income nevertheless requires an active 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 Continue suppose that anyone can toss together a blog or another passive income source in a single weekend.

Adams, bloggers need to find the ideal niche, choose a web hosting platform and purchase a domain name just to begin. 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 opportunity to learn the particular opportunities and challenges related to your idea, 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 Goals: 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 of the money that you need with 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'll get a greater likelihood 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 house and property values increasing at a rapid pace across the country, many individuals are falling for the notion that property management and home flipping are straightforward methods of generating passive income.In reality, successful property management is never truly"passive." Property repairs and upgrades, browse around this web-site 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 real estate investments rarely generate the ROI investors anticipate.