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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. 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 flows is often too good for many to bear. .

Certainly, it is difficult to generate passive income. It requires that the upfront investment of a significant amount of our time, usually with little to no returns for extended intervals. 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 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 reality 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 perform any job When you browse headlines which Amazon founder Jeff Bezos currently earns more than 230,000 each second, it is 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 could pursue entrepreneurial dreams or journey the world.But, generating passive income isn't as straightforward or straightforward as a few of the planet's richest people can make it appear to be.

Even more importantly, it requires that you devote your own time and investments in the right areas.If you're serious about using passive income to increase your quality of life, you can't afford to fall for those seven persistent myths.1. You can"set and forget" your revenue streams.This is perhaps the most dangerous myth associated with passive income.We all like the notion of not needing to do any additional work after setting up a site or online store.

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Website visitors expect new content on a consistent basis. People 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 remain on top of industry changes, client expectations and other responsibilities here are the findings you'd find in any"busy" business, your passive income will quickly dry up.

You'll also probably need to continually fine-tune your thought to allow it to stay relevant.Passive income still needs an energetic presence.Related: 7 Ways to Make Extra Income Even With a Full-Time Job2. You only need a single weekend for started.It's simple to assume that anyone can toss my latest blog post together a site 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 begin. After 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 have the ability to do this all in a single weekend.Be willing to take some opportunity to learn the specific 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 is all you need.Another dangerous myth of passive income is that you can generate all the money you need with a single source of revenue. This is like putting all of your stock exchange investments into a single company.

By diversifying your revenue flows, you'll get a better probability 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 home and property values increasing at a rapid rate throughout the country, many individuals are falling for the notion that property management and house flipping are straightforward methods of generating passive income.In reality, effective home management is never really"passive." Property repairs and upgrades, dealing with poor tenants and other unexpected expenses Get More Info are surprisingly common, eating away at the income you'd hope to generate from such endeavors.It quickly becomes evident that property management and other real estate investments rarely generate the ROI investors anticipate.