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All entrepreneurs seek passive income. What only a few know, however, is the way 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 Cash FlowFew concepts are somewhat more appealing than passive income. In the end, what could be better than making money without having to perform any work When you read headlines that Amazon founder Jeff Bezos currently earns more than 230,000 each second, it is only natural to begin 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 make it possible for you to leave the daily grind of the 9-to-5 workday so you might pursue entrepreneurial dreams or journey the world.But, generating passive income isn't as simple 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 dedicate your own time and investments in the ideal areas.If you are seriously interested in using passive income to increase your wellbeing, 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 do any additional work after setting up a blog or online shop.

Website visitors expect new content on a consistent basis. People who enroll in an online class expect 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'd find in any"busy" 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 remain relevant.Passive income nevertheless needs an active presence.Related: 7 Ways to Make Extra Income Even Having a Full-Time Job2. You only need a single weekend for started.It's easy to suppose that anyone can toss together a site or another passive income source in a single weekend.

Adams, bloggers need to find the ideal niche, choose a web hosting platform and buy a domain name simply to get started. Following that, they still need to learn about browser caching, SEO, permalinks and much 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 Web Site a single weekend.Be willing to take the time to learn the specific opportunities and challenges related to your idea, and put in the effort to get it right.

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Quality will win over speed every time.Related: Serious Entrepreneurs Have 2 Goals: Passive Income and Multiple Revenue Streams3. One solid source of income would be all you need.Another dangerous myth of passive income is that you can generate all of the money you need using a single source of revenue. This is like putting all of your stock exchange investments into a single company.

By diversifying your revenue streams, you'll get a better probability of earning enough to support your needs.Related: 11 Ways to Make Money While You Sleep4. Real estate is the safest type of passive income.With house and land values increasing at a rapid rate throughout the country, many individuals are falling for the idea that property management and home flipping are straightforward methods 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 these endeavors.It quickly becomes clear that land management and other property investments rarely generate the ROI investors anticipate.

Selling a home, 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 decent money.When you browse about passive income, it can be simple to become trapped in the idea that you need to become an entrepreneur or purchase property.

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Many individuals generate all 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 idea, they function as a much lower-risk solution for Get More Information individuals 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 each year.That may not sound like much, but since you consistently add to those accounts as time passes, the expansion can prove significant.

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