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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 streams is often too good for most to endure. .

Certainly, it's difficult to generate passive income. It takes 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 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 a lot 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 the time and being able to freely choose what we do with those precious moments we do have in everyday life. .

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All entrepreneurs find passive income. What only a few know, however, is how to separate reality 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. In the end, what could be better than making money without having to do any work When you browse headlines which Amazon founder Jeff Bezos currently earns more than 230,000 each second, it is only natural to begin 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 this 9-to-5 workday so you could pursue entrepreneurial dreams or travel the world.But, generating passive income isn't as simple or straightforward as some of the world's richest people 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're 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 perhaps the most dangerous myth associated with passive income.We like the notion of not needing to perform any additional work after setting up a site or online shop.

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Blog visitors anticipate new content on a consistent basis. Individuals who enroll in an online course anticipate personalized aid when they encounter a problem. The internet itself is constantly here are the findings changing.If you aren't doing your part 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'll also probably need to continually fine-tune your thought to allow it to her comment is here remain relevant.Passive income nevertheless needs an energetic presence.Related: 7 Ways to Make 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 right niche, choose a web hosting platform and buy 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 say, you likely won't have the ability to do this all 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 over rate every time.Related: Serious Entrepreneurs Have 2 Aims: Passive Income and Multiple Revenue Streams3. One solid source of income would be you need.Another dangerous myth of passive income is that you can generate all of the money you need with a single source of revenue. This is like putting all of your stock market investments into a single company.

By Get More Info diversifying your revenue flows, you'll have a better probability 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 land values increasing at a rapid rate throughout 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 truly"passive." Property repairs and upgrades, dealing 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 seldom generate the ROI investors anticipate.