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

Certainly, it's difficult to generate passive income. It takes that the upfront investment of a significant amount of the time, normally with little to no returns for extended periods. We can go months and even years without a single dollar generated from passive income actions, making even the most astute entrepreneur shake their head in sheer and utter frustration. .

The truth of the matter is that time is far more valuable than money. While money can be spent and earned, time can only be spent once, then it's 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 those precious moments that we do have in life. .

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All entrepreneurs find 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 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 more than 230,000 each second, it's only natural to begin wondering how you too can earn money when you're 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 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 folks can make it seem to be.

Even more importantly, it requires that you devote your own time and investments in the ideal areas.If you are serious about using passive income to increase your wellbeing, you can't Extra resources afford 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 like the notion of not needing to do any additional work after setting up a site or online shop.

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Website visitors anticipate new content on a consistent basis. Individuals who enroll in an online course expect personalized support 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 you would find in any"busy" business, your passive income will quickly dry up.

You will also likely need to continually fine-tune your idea to allow it to stay relevant.Passive income nevertheless needs an active presence.Related: 7 Ways to Generate Extra Income Even With a Full-Time Job2. You only need a single weekend for started.It's simple to suppose that anyone can throw together a blog or another passive income source in a single weekend.

Adams, bloggers need to find the ideal niche, select a web hosting platform and purchase 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 great content and uploading quality images!Needless to state, you probably won't have the ability to do this all in a single weekend.Be willing to spend some 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: Passive Income and Multiple Revenue Streams3. One solid source of income would be 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 similar to putting all your stock market investments into a single company.

By diversifying your revenue streams, you'll have a greater probability of earning enough to support your needs.Related: 11 Ways to Make Money While You Sleep4. Property 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 fact, effective home management is never truly"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 such endeavors.It quickly becomes evident that property management and other property investments seldom generate the ROI investors anticipate.