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All entrepreneurs seek passive income. What only a few know, however, is the way 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 Money FlowFew concepts are more appealing than passive income. In the end, what could be better than making money without having to do any job When you browse headlines that Amazon founder Jeff Bezos currently earns more than 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 allow you to leave the daily grind of this 9-to-5 workday so that you might 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 people 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 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 myths.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 blog or online store.

Blog visitors expect new content on a consistent basis. People who enroll in an online course anticipate 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, client expectations and other responsibilities you would find in any"busy" business, your passive income will quickly dry up.

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You will also probably need to continually fine-tune your idea to allow it to 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 easy to assume 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 hosting platform and buy a domain name just to begin. Following that, they still need to learn about browser caching, SEO, permalinks and more -- and don't forget about writing great content and uploading quality images!Needless to say, you probably won't have the ability to do all this in a single weekend.Be willing to spend some 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 rate every time.Related: Serious Entrepreneurs Have 2 Goals: 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 the money that you need with a single source of revenue. This is like putting all of your stock exchange investments into a single company.

By diversifying your revenue flows, you will get a better probability 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 land values increasing at a rapid pace across the country, Clicking Here many individuals are falling for the notion that property management and house flipping are straightforward methods of generating passive income.In fact, successful home management is never truly"passive." Property repairs and upgrades, dealing with poor tenants and other unexpected expenses are surprisingly common, eating away at check here the income you'd expect to generate from these endeavors.It quickly becomes clear that land management and other property investments seldom generate the ROI investors expect.

Selling a property, rather than attempting to manage it, is ultimately 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 get trapped 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 may not look as rewarding 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 in the retirement accounts each year.That might not sound like much, but since you consistently add to those accounts over time, the growth can prove significant.

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