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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 in the potential to generate healthy monthly revenues. Though the importance of passive income isn't often doubted, the monumental hurdle often needed to achieve a respectable amount of cash flow from automatically-recurring revenue streams is often too good for many to endure. .

Clearly, it's difficult to generate passive income. It requires that 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 dollar generated from passive income actions, 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 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 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 Suggestions 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 that Amazon founder Jeff Bezos currently earns over $230,000 per second, it is only natural to start 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 make it possible for you to leave the daily grind of the 9-to-5 workday so that you could pursue entrepreneurial dreams or journey the world.But, generating passive income isn't as simple or straightforward as some of the world's richest folks can make it appear to be.

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Even more importantly, it requires that you dedicate your own time and investments in the ideal areas.If you're serious about using passive income to increase your quality of life, you can't manage to fall for these seven persistent truths.1. You can"set and forget" your revenue streams.This is perhaps the most dangerous myth connected with passive income.We like the notion of not needing to do any additional work after setting up a site or online shop.

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Blog visitors anticipate new content on a consistent basis. People who enroll in an online class expect personalized aid when they encounter a problem. The internet itself is constantly changing.If you aren't doing what you can to stay on top of industry changes, customer expectations and other responsibilities you would find in any"active" business, your passive income will dry up.

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You will also probably need to continually fine-tune your thought to allow it to remain relevant.Passive income nevertheless requires an energetic presence.Related: 7 Ways to Generate Extra Income Even With a Full-Time Job2. You only need a single weekend for started.It's easy to suppose that anyone can toss together a blog or another passive income important site source in a single weekend.

Adams, bloggers need to find the right niche, choose a hosting platform and purchase a domain name simply to begin. Following that, they still need to learn about browser caching, SEO, permalinks and much more -- and don't forget about writing great 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 opportunity 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 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 market investments into a single company.

By diversifying your revenue flows, you will get a greater likelihood of earning enough to encourage your needs.Related: 11 Ways to Make Money While You Sleep4. Property is the safest form of passive income.With home and property values increasing at a rapid rate throughout the country, many individuals are falling for the notion that property management and house flipping are simple procedures of generating passive income.In fact, successful property 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'd expect to generate from such endeavors.It quickly becomes evident that land management and other property investments seldom generate the ROI investors expect.

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