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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 cash flow from automatically-recurring revenue streams is often too great for many to bear. .

Clearly, it is hard to generate passive income. It takes 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 produced from passive income actions, making even the most astute entrepreneur shake their head in utter and utter frustration. .

The fact of the matter is that time is far more precious 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 the 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 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 Cash FlowFew concepts are 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 over $230,000 per second, it is only natural to begin 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 the 9-to-5 workday so that you might pursue entrepreneurial dreams or travel the world.But, generating passive income isn't as straightforward or straightforward as a few of the planet's richest people can make it seem to be.

 

 

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Even more importantly, it demands that you dedicate 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 these seven persistent myths.1. You can"set and forget" your revenue streams.This is perhaps the most dangerous myth connected 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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Website visitors anticipate new content on a consistent basis. Individuals who enroll in an online class expect personalized support when they encounter a problem. The internet itself is constantly his comment is here 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"active" business, your passive income will quickly dry up.

 

 

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You'll also likely need to continually fine-tune your idea to view it now allow it to remain relevant.Passive income still requires an energetic presence.Related: 7 Ways to Make Extra Income Even Having a Full-Time Job2. You only need a single weekend to get started.It's easy to suppose that anyone can throw together a site or another passive income source in a single weekend.

Adams, bloggers need to find the right 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 good content and uploading quality images!Needless to say, you probably won't be able to do all this in a single weekend.Be willing to take the time to learn the particular opportunities and challenges related 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 solid source of income is you need.Another dangerous myth of passive income is that you could try these out you can generate all of the money that you need using a single source of revenue. This is like putting all your stock exchange investments into a single company.

By diversifying your revenue streams, you'll get a greater likelihood of earning enough to support 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 pace across the country, many individuals are falling for the notion that property management and home flipping are straightforward procedures of generating passive income.In fact, effective property management is never really"passive." Property repairs and upgrades, dealing with poor tenants and other unexpected expenses are surprisingly common, eating away at the income you'd expect to generate from these endeavors.It quickly becomes evident that land management and other property investments rarely generate the ROI investors expect.

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