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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 accomplish a decent amount of money flow from automatically-recurring revenue flows is often too good for many to endure. .

Certainly, it's difficult to generate passive income. It takes that 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 buck produced from passive income activities, 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 time and being able to freely choose what we do with these precious moments that we do have in everyday life. .

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All entrepreneurs seek 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 Cash FlowFew concepts are somewhat more appealing than passive income. After all, 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 per second, it's only natural to begin wondering how you too can earn money when you're not working.Even in case 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 could pursue entrepreneurial dreams or journey the world.But, generating passive income isn't as straightforward or straightforward as a few of the planet's richest folks can make it appear to be.

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Even more importantly, it demands that you devote your own time and investments in the ideal areas.If you're seriously interested in using passive income to increase your quality of life, 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 notion of not needing to do 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 aid when they encounter an issue. The internet itself is constantly changing.If you aren't doing your part to remain on top of industry changes, client 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 probably need to continually fine-tune your thought to allow it to stay relevant.Passive income still requires an active presence.Related: 7 Ways to Generate Extra Income Even With a Full-Time Job2. You only need a single weekend to get started.It's simple to suppose that anyone can toss together a blog or another passive income source in a single weekend.

Adams, bloggers need to find the right niche, select a web hosting platform and purchase a domain name just to get started. 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 state, you probably won't be able 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 speed every time.Related: Serious Entrepreneurs Have 2 Goals: Exotic Income and Multiple Revenue Streams3. One solid source of income would be all you need.Another dangerous myth of passive income is that you can generate all of the money you need using a single source of revenue. This is similar to putting all your stock exchange investments into a single company.

By diversifying your revenue flows, you will get a greater probability 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 land values increasing at a rapid rate across the country, many individuals are falling for the idea that property my blog management and house flipping are simple procedures of generating passive income.In reality, effective home management is never truly"passive." Property repairs and updates, dealing with poor tenants and other unexpected expenses are surprisingly common, eating away at the income you would hope to generate from these endeavors.It quickly becomes clear that property management and other property investments rarely generate the ROI investors expect.

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