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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 in the potential to generate healthy monthly revenues. While the importance of passive income isn't often doubted, the monumental hurdle often required to accomplish a respectable amount of money flow from automatically-recurring revenue streams is often too great for many to bear. .

Certainly, it's difficult to generate passive income. It requires the upfront investment of a significant amount of the time, normally with little to no returns for extended intervals. We can go months and even years without a single dollar 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'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 we do have in everyday 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 somewhat more appealing than passive income. After all, what could be better than making money without having to perform any work When you browse headlines that 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 this 9-to-5 workday so you could pursue entrepreneurial dreams or journey the world.But, generating passive income image source isn't as straightforward or straightforward as some of the planet's richest folks can make it seem to be.

Even more importantly, it demands that you dedicate your own time and investments in the right areas.If you are seriously interested in 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 connected with passive income.We 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 class expect personalized aid when they encounter a problem. The internet itself is constantly changing.If you aren't doing your part to stay on top of industry changes, customer expectations and other responsibilities you'd find in any"active" business, your passive income will quickly dry up.

You'll also probably need to continually check this fine-tune your idea to help it stay relevant.Passive income still needs 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 assume that anyone can toss together a site or another passive income source in a single weekend.

Adams, bloggers need to find the ideal niche, select a hosting platform and buy a domain name just to begin. Following 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 likely won't have the ability to do all this in a single weekend.Be willing to take some opportunity to learn the particular 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 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 that you need with a single source of revenue. This is like putting all your stock market investments into a single company.

By diversifying your revenue flows, you will get a better likelihood 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 house and land values increasing at a rapid pace throughout the country, many individuals are falling for the notion that property management and house flipping are simple procedures of generating passive income.In fact, effective home management is never truly"passive." Property find out this here repairs and updates, dealing with bad tenants and other unexpected expenses are surprisingly common, eating away at the income you would hope to generate from these endeavors.It quickly becomes evident that land management and other property investments seldom generate the ROI investors anticipate.