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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. Though the importance of passive income isn't often doubted, the monumental hurdle often needed to accomplish a decent amount of cash flow from automatically-recurring revenue streams is often too great for many to endure. .

Certainly, it is hard to generate passive income. It requires that the upfront investment of a significant amount of the time, usually with minimal to no returns for extended periods. We can go months and even years without a single buck generated 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 these 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 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 Money 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 which Amazon founder Jeff Bezos currently earns more than 230,000 each second, it is only natural to start 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 you might 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 right areas.If you're seriously interested in using passive income to increase your wellbeing, you can't manage 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 idea 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. People who enroll in an online course expect personalized support when they encounter an issue. 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 would find in any"busy" business, your passive income will dry up.

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You will also probably need to continually fine-tune your visit their website thought to allow it to remain relevant.Passive income still requires an active presence.Related: 7 Ways to Generate 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 site or another passive income source in a single weekend.

Adams, bloggers need to find the ideal niche, select a web hosting platform and check my source buy a domain name simply to begin. After 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 be able to do this all in a single weekend.Be willing to take the opportunity to learn the specific opportunities and challenges related to your idea, 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: Exotic Income and Multiple Revenue Streams3. One solid source of income is all you need.Another dangerous myth of passive income is that you can generate all of 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 will get a better probability of earning enough to encourage your needs.Related: 11 Ways to Make Money While You Sleep4. Property is the safest form of passive income.With house and property values increasing at a rapid rate across the navigate to this website country, many individuals are falling for the notion that property management and home flipping are simple methods of generating passive income.In reality, successful property 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 hope to generate from these endeavors.It quickly becomes clear that land management and other property investments rarely generate the ROI investors expect.

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