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

Certainly, it is difficult to generate passive income. It requires the upfront investment of a significant amount of the time, normally with minimal 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 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 old, we understand the importance of 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 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 Suggestions for Automating Your Money 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 that 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 that you might pursue entrepreneurial dreams or journey the world.But, generating passive income isn't as simple or straightforward as some of the planet'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 are seriously interested in using passive income to increase your wellbeing, you can't manage to fall for those seven persistent truths.1. You can"set and forget" your revenue streams.This is possibly the most dangerous myth associated with passive income.We all like the notion of not needing to perform any additional work after setting up a blog or online shop.

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Blog 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 what you can to remain on top of industry changes, customer expectations and other responsibilities you'd find in any"busy" business, your passive income will dry up.

You will also probably need to continually fine-tune your idea to allow it to stay relevant.Passive income nevertheless needs an energetic 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 site or another passive income source in a single find more weekend.

Adams, bloggers need to find the right niche, select a web hosting platform and purchase a domain name simply to begin. After that, they still need to learn about browser caching, SEO, permalinks and more -- and don't forget about writing good content and uploading quality images!Needless to say, you likely won't be able to do all this in a single weekend.Be willing to take some time to learn the particular opportunities and challenges linked to your idea, and put in the effort to get it right.

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Quality will win over speed every time.Related: Serious Entrepreneurs Have 2 Aims: Exotic Income and Multiple Revenue Streams3. One strong source of income would be you need.Another dangerous myth of passive my response income is that you can generate all the money you need using 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 get a greater likelihood of earning enough to support your needs.Related: 11 Ways to Make Money While You Sleep4. Real estate is the safest form of passive income.With home and land values increasing at a rapid pace throughout the country, many individuals are falling for the idea that property management and home flipping are simple procedures of generating passive income.In fact, successful property 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 would hope to generate from such endeavors.It quickly becomes clear that property management and other real estate investments seldom generate the ROI investors anticipate.