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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 achieve a decent amount of cash flow from automatically-recurring revenue flows is often too great for most to endure. .

Certainly, it is difficult to generate passive income. It takes the upfront investment of a significant amount of our time, usually with little to no returns for extended periods. We can go months and even years without a single dollar produced from passive income activities, making even the most astute entrepreneur shake their head in utter and utter frustration. .

The fact 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 has 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 how to separate fact from fiction.

Wouldn't it be great to earn money while you're relaxing on the beachRelated: 17 Passive Income Ideas for Automating Your Money FlowFew concepts are more appealing than passive income. In the end, what could be better than making money without having to do any job When you read headlines which Amazon founder Jeff Bezos currently earns over $230,000 each second, it's only natural to start 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 allow you to leave the daily grind of the 9-to-5 workday so that you could pursue entrepreneurial dreams or travel the world.But, generating passive income isn't as simple or straightforward as a few of the world's richest people can make it appear to be.

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 wellbeing, you can't afford to fall for these seven persistent myths.1. You can"set and forget" your revenue streams.This is perhaps the most dangerous myth associated with passive income.We all like the idea of not check this site out needing to perform any additional work after setting up a site or online shop.

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

You'll also probably need to continually fine-tune your idea to help it remain relevant.Passive income nevertheless needs an active presence.Related: 7 Ways to Make Extra Income Even With a Full-Time Job2. You only need a single weekend for 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 right niche, choose a web hosting platform and buy a domain name just 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 state, you likely websites won't have the ability to do this all in a single weekend.Be willing to spend the time 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 over rate every time.Related: Serious Entrepreneurs Have 2 Goals: Exotic 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 flows, you will have a greater likelihood of earning enough to encourage your needs.Related: 11 Ways to Make Money While You Sleep4. Real estate is the safest form of passive income.With home and property values increasing at a rapid pace throughout the country, many individuals are falling for the idea that property management and house flipping are simple methods of generating passive income.In reality, successful property management is never truly"passive." Property repairs and upgrades, dealing read this article 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 real estate investments rarely generate the ROI investors expect.