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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 required to achieve a respectable amount of cash flow from automatically-recurring revenue streams is often too good for many to endure. .

Clearly, it's hard to generate passive income. It takes that the upfront investment of a significant amount of the time, normally with minimal 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 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 time and being able to freely choose what we do with those precious moments we do have in everyday life. .

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All entrepreneurs find passive income. What only a few know, however, is how to separate reality 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. After all, what could be better than making money without having to perform any work When you read headlines which Amazon founder Jeff Bezos currently earns over $230,000 each 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 allow 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 simple or straightforward as a few of the world's richest people can make it appear 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 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 associated 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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Website visitors expect 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 remain on top of industry changes, customer expectations and other responsibilities you would find in any"active" business, your passive income will dry up.

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You'll also likely need to continually fine-tune your thought 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 to get started.It's simple to assume 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 hosting platform and buy a domain name simply to get started. Following that, they still need to learn about browser caching, SEO, permalinks and more -- and don't forget about writing good content and uploading quality images!Needless to state, you probably won't be able to do this all in a single weekend.Be willing to spend some time 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 solid source of income is you need.Another dangerous myth of passive income is that you can generate all the money that 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 flows, you'll have a better probability of earning enough to encourage your needs.Related: 11 Ways to Make Money While You Sleep4. Property is the safest type of passive income.With house and land values increasing at a rapid pace across the country, many individuals are falling for the notion that property management and house flipping are straightforward methods of generating passive income.In fact, effective home management is never really"passive." Property repairs and upgrades, dealing with poor tenants and other unexpected expenses are surprisingly common, eating away at try here the income you'd expect 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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