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All entrepreneurs find 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 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 work 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 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 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 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 right areas.If you are serious about using passive income to increase your wellbeing, you can't afford to fall for those seven persistent truths.1. You can"set and forget" your revenue streams.This is possibly the most dangerous myth associated with passive income.We all like the idea of not needing to do any additional work after setting up a site or online store.

Website visitors expect new content on a consistent basis. People 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, customer expectations and other responsibilities you'd find in any"active" 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 remain relevant.Passive income nevertheless requires an energetic presence.Related: 7 Ways to Generate Extra Income Even Having a Full-Time Job2. You only need a single weekend for started.It's simple to assume that anyone can throw together a site or another passive income source in a single weekend.

Adams, bloggers need to find the right niche, pick a hosting platform and purchase a domain name look at more info just to get started. Following that, they still need to 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 spend some time to learn the particular opportunities and challenges linked 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: Exotic Income and Multiple Revenue Streams3. One strong source of income is all you need.Another dangerous myth of passive income is that you can generate all of the money you need with a single source of revenue. This is like putting all your stock market investments into a single company.

By diversifying your revenue flows, you will have a better likelihood 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 house 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 procedures of generating passive income.In fact, effective home management is never really"passive." Property repairs and upgrades, 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 clear that property management and other real estate investments seldom generate the ROI investors expect.

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

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Many individuals generate each of the passive income they need by simply putting money in savings and retirement accounts.While such accounts might not look as rewarding as an exciting new business ideathey serve as a much 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 in your 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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