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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 needed to accomplish a respectable amount of money flow from automatically-recurring revenue streams is often too good for many to endure. .

Clearly, it's hard to generate passive income. It takes the upfront investment of a significant amount of our time, normally with minimal 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 has gone forever. As we age and grow older, we understand the importance of the time and being able to freely choose what we do with these precious moments we do have in everyday 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 Cash FlowFew concepts are somewhat more appealing than passive income. After all, what could be better than making money without having to do any job When you browse 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 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 isn't as simple or straightforward as some of the planet'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 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 myths.1. You can"set and forget" your revenue streams.This is possibly 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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Blog visitors anticipate 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 your part to stay on top of industry changes, client expectations and other responsibilities you'd find in any"busy" business, your passive income will quickly dry up.

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You'll also probably need to continually fine-tune your thought to allow it to stay relevant.Passive income still needs 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 easy to assume that anyone can throw together a blog or another passive income source in a single weekend.

Adams, bloggers need to find the ideal niche, choose a hosting platform and 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 great content and uploading quality images!Needless to say, about his you likely won't have the ability to do all this in a single weekend.Be willing to take the opportunity to learn the particular opportunities and challenges linked to your thought, 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: Exotic Income and Multiple Revenue Streams3. One solid source of income would be you need.Another dangerous myth of passive income is that you can generate all the money that you need using a single source of revenue. This is similar to putting all of your stock exchange investments into a single company.

By diversifying your revenue flows, you will get a better likelihood of earning enough to encourage your needs.Related: 11 Ways to Make Money While You Sleep4. Property is the safest type of passive income.With house and property values increasing at a rapid rate across the country, many individuals are falling for the idea that property management and house flipping are straightforward methods of generating passive income.In fact, effective home management is never really"passive." Property repairs and upgrades, 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 anticipate.

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