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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 in the potential to generate healthy monthly revenues. While the importance of passive income isn't often doubted, the monumental hurdle often needed to achieve a respectable amount of money flow from automatically-recurring revenue flows is often too great for most to endure. .

Clearly, it's hard to generate passive income. It takes 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 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 a lot 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 time and being able to freely choose what we do with these precious moments 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 Suggestions for Automating Your Cash FlowFew concepts are somewhat more appealing than passive income. In the end, what could be better than making money without having to perform any job When you read headlines that Amazon founder Jeff Bezos currently earns more than 230,000 each 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 the 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 people can make it seem to be.

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Even more importantly, it demands that you devote your own time and investments in the ideal areas.If you are seriously interested in using passive income to increase your wellbeing, you can't manage to fall for these seven persistent myths.1. You can"set and forget" your revenue streams.This is possibly 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 anticipate new content on a consistent basis. Individuals who enroll in an online class expect 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, client expectations and other responsibilities you'd find best site in any"busy" business, your passive income will dry up.

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You'll also likely need to continually fine-tune your thought to help it stay relevant.Passive income nevertheless 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 throw 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 purchase 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 good 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 spend some opportunity to learn the particular opportunities and challenges 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 Goals: Exotic Income and Multiple Revenue Streams3. One strong source of income is 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 like putting all of your stock market investments into a single company.

By diversifying your revenue flows, you will get a greater great site likelihood of earning enough to support your needs.Related: 11 Ways to Make Passive Income Ideas in Sweden Money While You Sleep4. Property is the safest form of passive income.With house and property values increasing at a rapid rate throughout the country, many individuals are falling for the notion that property management and home flipping are simple procedures of generating passive income.In fact, successful property 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 such endeavors.It quickly becomes clear that property management and other property investments seldom generate the ROI investors anticipate.

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