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

Clearly, it is hard to generate passive income. It requires that the upfront investment of a significant amount of our time, normally with little to no returns for extended intervals. 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 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 old, we understand the importance of time and being able to freely choose what we do with those precious moments we do have in life. .

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All entrepreneurs seek 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. In the end, 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 is 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 might pursue entrepreneurial dreams or journey the you can try here world.But, generating passive income isn't as simple or straightforward as a few of the planet's richest people can make it seem to be.

Even more importantly, it demands that you devote your own time and investments in the right areas.If you more tips here are 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 like the notion of not needing to do 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 course expect personalized aid when they encounter a problem. 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'd find in any"busy" business, your passive income will quickly dry up.

You'll also probably need to continually fine-tune your thought to help it remain relevant.Passive income nevertheless requires 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 suppose that anyone can toss together a site 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 just to get started. After 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 this all in a single weekend.Be willing to take some 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 over rate every time.Related: Serious Entrepreneurs Have 2 Aims: Passive Income and Multiple Revenue Streams3. One strong source of income is all you need.Another dangerous myth of passive income is that you can generate all of the money that you need using a single source of revenue. This is like putting all your stock market investments into a single company.

By diversifying your revenue streams, you will get a greater probability 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 home and land values increasing at a rapid pace throughout the country, many individuals are falling for the notion that property management and home flipping are straightforward methods of generating passive income.In fact, successful home management is never truly"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 such endeavors.It quickly becomes clear that land management and other real estate investments seldom generate the ROI investors expect.