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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 needed to accomplish a decent amount of money flow from automatically-recurring revenue streams is often too great for many to bear. .

Clearly, it's hard to generate passive income. It requires the upfront investment of a significant amount of the time, usually with little to no returns for extended periods. We can go months and even years without a single buck produced from passive income activities, 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 time and being able to freely choose what we do with these precious moments we do have in everyday 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 Money FlowFew concepts are somewhat more appealing than passive income. In the end, what could be better than making money without having to do any work When you browse headlines that Amazon founder Jeff Bezos currently earns over $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 this 9-to-5 workday so that you might pursue entrepreneurial dreams or journey 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 right areas.If you are serious about using passive income to increase your quality of life, you can't afford to fall for those seven persistent truths.1. You can"set and forget" your revenue streams.This is perhaps the most dangerous myth associated with passive income.We like the notion of not needing to do any additional work after setting up a blog or online shop.

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Blog visitors expect new content on a consistent basis. People who enroll in an online course expect 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, client expectations and other responsibilities you'd find in any"active" business, your passive income will dry up.

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You'll also probably need to continually fine-tune your thought to allow it to stay relevant.Passive income nevertheless needs an energetic 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 throw together a find more info site or another passive income source in a single weekend.

Adams, bloggers need to find the right niche, select a hosting platform and purchase a domain name just 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 say, you likely won't have the ability to do all this in a single more weekend.Be willing to spend the 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 more than speed every time.Related: Serious Entrepreneurs Have 2 Goals: 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 that you need using a single source of revenue. This is like putting all your stock market investments into a single company.

By diversifying your revenue streams, you will have a greater probability of earning enough to support your needs.Related: 11 Ways to Make Money While You Sleep4. Property is the safest type of passive income.With home and check my site property values increasing at a rapid pace throughout the country, many individuals are falling for the idea that property management and home flipping are simple methods of generating passive income.In reality, successful property management is never really"passive." Property repairs and updates, dealing with bad tenants and other unexpected expenses are surprisingly common, eating away at the income you'd expect to generate from these endeavors.It quickly becomes clear that land management and other real estate investments rarely generate the ROI investors anticipate.

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