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All entrepreneurs seek passive income. What only a few know, however, is the way 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. 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 each second, it's 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 this 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 appear to be.

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Even more importantly, it demands 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 these seven persistent truths.1. You can"set and forget" your revenue streams.This is possibly the most dangerous myth connected with passive income.We all like the idea of not needing to do any additional work after setting up a site or online store.

Blog visitors expect new content on a consistent basis. Individuals who enroll in an online course expect personalized aid when they encounter an issue. The internet itself is constantly changing.If you aren't doing your part to stay on top of industry changes, client expectations and other responsibilities you would find in any"busy" business, your passive income will dry up.

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You will 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 easy to suppose that anyone can throw together a blog or another passive income source in a single weekend.

Adams, bloggers need to find the ideal niche, pick a web hosting platform and purchase a domain name just to get started. Following that, they still need to more information learn about browser caching, SEO, permalinks and more -- and don't forget about writing good content and uploading quality images!Needless to state, you likely won't be able to do this all in a single weekend.Be willing to take the opportunity to learn the specific 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 Aims: Passive 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 the money that you need with a single source of revenue. This is like putting all of your stock market investments into a single company.

By diversifying your revenue flows, you'll get a greater probability of earning enough to support your needs.Related: 11 Ways to Make Money While You Sleep4. Real estate is the safest type of passive income.With house and land values increasing at a rapid pace throughout the country, many individuals are falling for the notion that property management and home flipping are simple methods of generating passive income.In reality, effective home management is never really"passive." Property repairs and updates, 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 real estate investments rarely generate the ROI investors anticipate.

Selling a property, rather than attempting to manage it, is finally a safer (and simpler ) solution.Related: 3 Great Ways to Make go to this web-site Money on the Side5. You need a business idea to earn decent money.When you browse about passive income, it can be simple to get caught up in the idea that you need to become an entrepreneur or purchase property.

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Many individuals generate each of the passive income they need simply by putting money in savings and retirement accounts.While such accounts might not look as lucrative as an exciting new business ideathey function as a much lower-risk solution for individuals hoping to have enough to fund their future plans. Most investors say you ought to expect a 5 percent return on investment from the retirement accounts every year.That might not sound like much, but as you consistently add to those accounts over time, the expansion can prove to be significant.

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