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All entrepreneurs find passive income. What only a few know, however, is how 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. After all, what could be better than making money without having to perform any work When you browse headlines which 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 are not working.Even in case 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 that you could pursue entrepreneurial dreams or travel the world.But, generating passive income isn't as straightforward or straightforward as some of the planet's richest folks can make it seem to be.

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Even more importantly, it requires that you devote your own time and investments in the ideal 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 like the notion of not needing to perform any additional work after setting up a site or online shop.

Website visitors anticipate new content on a consistent basis. Individuals 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 what you can to remain on top of industry changes, client expectations and other responsibilities you would find in any"busy" business, your passive income will quickly dry up.

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You'll also probably need to continually fine-tune your thought to help it stay relevant.Passive income still needs an energetic presence.Related: 7 Ways to Make Extra Income Even With a Full-Time Job2. You only need a single weekend for started.It's simple to suppose that anyone can throw together a blog or another passive income source in a single weekend.

Adams, bloggers need to find the right niche, pick 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 great content and uploading quality images!Needless to say, you likely won't have the ability have a peek here to do this all in a single weekend.Be willing to spend the time to learn the specific opportunities and challenges linked 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 strong source of income is you need.Another dangerous myth of passive income is that you can generate all the money you need with a single source of revenue. This is similar to putting all of your stock market investments into a single company.

By diversifying your revenue streams, you will have a greater probability of earning enough to encourage your needs.Related: 11 Ways to Make Money While You Sleep4. Real estate is the safest type of passive income.With home and property values increasing at a rapid rate throughout the country, many individuals are falling for the idea that property management and home flipping are simple methods of generating passive income.In fact, effective property management is never really"passive." Our site Property repairs and updates, dealing with poor tenants and other unexpected expenses are surprisingly common, eating away at the income you'd hope to generate from these endeavors.It quickly becomes evident that land management and other property investments seldom generate the ROI investors anticipate.

Selling a home, rather than attempting to manage it, is finally a safer (and simpler ) solution.Related: 3 Great Ways to Make Money on the Side5. You need a business idea to earn good money.When you read about passive income, it can be simple to become trapped in the idea that you need to become an entrepreneur or purchase land.

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Many individuals generate all 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 far 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 your retirement accounts each year.That might not sound like much, but as you consistently add to these accounts over time, the expansion can prove to be significant.

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