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All entrepreneurs seek 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. 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 over $230,000 each second, it is only natural to start 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 allow you to leave the daily grind of the 9-to-5 workday so you could pursue entrepreneurial dreams or journey the world.But, generating passive income isn't as straightforward or straightforward as a few of the world's richest folks can make it appear 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're serious about using passive income to increase your quality of life, you can't manage to fall for those seven persistent myths.1. You can"set and forget" your revenue streams.This is perhaps 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 anticipate new content on a consistent basis. Individuals who enroll in an online class anticipate personalized aid when they encounter a problem. 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'd find in any"busy" business, your passive income will dry up.

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You will also probably need to continually fine-tune your idea to help it stay relevant.Passive income nevertheless needs an energetic presence.Related: 7 Ways to Generate Extra Income Even Having a Full-Time Job2. You only need a single weekend to get started.It's easy to suppose that anyone can throw 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 begin. After that, they still need to look at this website learn about browser caching, SEO, permalinks and more -- and don't forget about writing good content and uploading quality images!Needless to say, you likely won't be able to do all this in a single weekend.Be willing to take some site time to learn the particular opportunities and challenges related to your thought, 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 is all you need.Another dangerous myth of passive income is that you can generate all of the money that you need using 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 will get a greater likelihood of earning enough to support your needs.Related: 11 Ways to Make Money While You Sleep4. Property is the safest form 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 straightforward you can try here procedures 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 would expect to generate from such endeavors.It quickly becomes evident that property management and other property 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 Money on the Side5. You need a business idea to earn good money.When you read about passive income, it can be easy to become trapped in the thought 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 seem as lucrative as an exciting new business idea, they function as a far lower-risk solution for individuals hoping to have enough to fund their future plans. Most investors say that you should expect a 5 percent return on investment from the retirement accounts every year.That may not sound like much, but as you consistently add to these accounts as time passes, the expansion can prove significant.

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