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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 achieve a respectable amount of cash flow from automatically-recurring revenue flows is often too great for many to bear. .

Clearly, it's difficult to generate passive income. It takes 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 generated from passive income activities, making even the most astute entrepreneur shake their head in utter and utter frustration. .

The truth 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 older, we understand the importance of time and being able to freely choose what we do with those 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 read headlines which Amazon founder Jeff Bezos currently earns over $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 allow 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 some of the world's richest people can make it read this appear to be.

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Even more importantly, it requires that you dedicate your own time and investments in the right areas.If you're seriously interested in using passive income to increase your quality of life, 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 perform any additional work after setting up a blog or online store.

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Website visitors expect new content on a consistent basis. Individuals 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 remain on top of industry changes, customer expectations and other responsibilities you would find in any"busy" business, your passive income will quickly dry up.

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You'll also likely need to continually fine-tune your idea to allow it to remain relevant.Passive income still requires an energetic presence.Related: 7 Ways to Generate Extra Income Even Having a Full-Time Job2. You only need a single weekend for started.It's simple to suppose that anyone can toss together a site or another passive income see this page source in a single weekend.

Adams, bloggers need to find the right niche, choose a hosting platform and buy a domain name just to get started. After 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 weekend.Be willing to take the time to learn the particular opportunities and challenges linked 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 Aims: Exotic Income and Multiple Revenue Streams3. One strong source of income is 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 like putting all of your stock exchange investments into a single company.

By diversifying your revenue streams, you will have a greater probability of earning enough to encourage your needs.Related: 11 Ways to Make Money While You Sleep4. Real estate is the safest form of passive income.With home and land values increasing at a rapid rate across the country, many individuals are falling for the idea that property management and house flipping are simple procedures of generating passive income.In reality, successful property management is never truly"passive." Property repairs and updates, dealing with poor tenants and other unexpected expenses are surprisingly common, eating away at the income you would hope to generate from such endeavors.It quickly becomes evident that property management and other real estate investments rarely generate the ROI investors anticipate.

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