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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 Suggestions 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 read headlines that Amazon founder Jeff Bezos currently earns more than 230,000 per second, it is only natural to start wondering how you too can earn money when you are 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 you could pursue entrepreneurial dreams or travel the world.But, generating passive income isn't as simple or straightforward as some of the world's richest people can make it appear to be.

 

 

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Even more importantly, it demands 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 manage to fall for these 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.

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

 

 

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You'll also likely need to continually fine-tune your idea to help it stay relevant.Passive income nevertheless requires 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, choose a hosting platform and buy a domain name simply to get started. After 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 Discover More Here to say, you likely won't have the ability to do this all in a single weekend.Be willing to spend the time to learn the particular opportunities and challenges linked to your idea, and put in the effort to get it right.

 

 

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Quality will win over rate every time.Related: Serious Entrepreneurs Have 2 Goals: Passive Income and Multiple Revenue Streams3. One solid 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 like putting all your stock market investments into a single company.

By diversifying your revenue streams, you'll have a better 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 home and land values increasing at a rapid pace throughout the country, many individuals are falling for the idea that property management and home flipping are straightforward procedures of generating passive income.In reality, successful property management is never really"passive." Property repairs and upgrades, dealing with bad tenants and other unexpected expenses are surprisingly common, eating away at the income you'd expect to generate from these endeavors.It quickly becomes clear that property management and other real estate investments seldom 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 decent 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 property.

 

 

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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 may not seem as rewarding as an exciting new business idea, they serve as a much lower-risk solution for those hoping to have enough to fund their future plans. Most investors say that you ought to expect a 5 percent return on investment in the retirement accounts every year.That may 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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