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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 from the potential to generate healthy monthly revenues. Though the importance of passive income isn't often doubted, the monumental hurdle often required to achieve a decent amount of money flow from automatically-recurring revenue flows is often too good for most to endure. .

Certainly, it's hard to generate passive income. It takes the upfront investment of a significant amount of our time, usually with minimal to no returns for extended periods. We can go months and even years without a single dollar generated from passive income activities, 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 has gone forever. As we age and grow older, we understand the importance of time and being able to freely choose what we do with these precious moments that we do have in life. .

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All entrepreneurs find 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 Ideas 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 read headlines which Amazon founder Jeff Bezos currently earns more than 230,000 per second, it's only natural to begin wondering how you too can earn money when you are 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 the 9-to-5 workday so you might pursue entrepreneurial dreams or travel the world.But, generating passive income isn't as simple or straightforward as a few of the planet's richest folks can make it appear to be.

Even more importantly, it requires that you devote your own time and investments in the right areas.If you are seriously interested in using passive income to increase your wellbeing, you can't afford to fall for these 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 idea of not needing to do any additional work after setting up a blog or online store.

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Website visitors expect new content on a consistent basis. Individuals who enroll in an online class anticipate personalized aid when they encounter a problem. 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 would find in any"active" business, your passive income will quickly dry up.

You'll also likely need to continually fine-tune your idea to allow it to stay relevant.Passive income nevertheless requires an active presence.Related: 7 Ways to Generate Extra Income Even With a Full-Time Job2. You only need a single weekend for started.It's simple 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, select a web hosting platform and purchase a domain name simply to get started. 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 state, you likely won't be able to do all this in a single weekend.Be willing to spend the 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 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 you need using a single source of revenue. This is like pop over here putting all of your stock exchange investments into a single company.

By diversifying your revenue flows, you'll have a greater 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 home and property values increasing at a rapid rate across the country, other many individuals are falling for the idea that property management and home flipping are simple procedures 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 would see this page hope to generate from such endeavors.It quickly becomes clear that property management and other real estate investments rarely generate the ROI investors expect.