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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 respectable amount of cash flow from automatically-recurring revenue flows is often too good for many to endure. .

Certainly, it's hard to generate passive income. It takes that the upfront investment of a significant amount of our time, usually with little to no returns for extended intervals. 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 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 older, we understand the importance of 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 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 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 read headlines which Amazon founder Jeff Bezos currently earns over $230,000 per second, it is only natural to start wondering how you too can earn money when you're 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 some of the world's richest folks 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 ideal areas.If you're serious about 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 connected with passive income.We all like the notion of not needing to do any additional work after setting up a site or online store.

 

 

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Website visitors anticipate new content on a consistent basis. People who enroll in an online course anticipate personalized support when they encounter an issue. The internet itself is constantly changing.If you aren't doing your part to stay on top of industry changes, client expectations and other responsibilities you'd find in any"active" business, your passive income will quickly dry up.

 

 

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You'll also likely need to continually fine-tune your thought to help it remain relevant.Passive income still requires an energetic presence.Related: 7 Ways to Make Extra Income Even With a Full-Time Job2. You only need a single weekend to get started.It's simple to suppose that anyone can throw together a blog or another passive income source recommended you read in a single weekend.

Adams, bloggers need to find the right niche, choose a web hosting platform and buy a domain name simply to begin. Following 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 probably won't be able to do this all in a single weekend.Be willing to spend some 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: Passive Income and Multiple Revenue Streams3. One strong 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 similar to putting all your stock exchange investments into a single company.

By diversifying your revenue flows, 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 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 methods of generating passive income.In fact, successful home management is never truly"passive." i loved this Property repairs and upgrades, dealing with bad 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 property investments seldom generate the ROI investors expect.

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