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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 Suggestions for Automating Your Money FlowFew concepts are more appealing than passive income. After all, what could be better than making money without having to do any work When you read headlines that Amazon founder Jeff Bezos currently earns over $230,000 per second, it's only natural to begin 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 that you could pursue entrepreneurial dreams or travel the world.But, generating passive income isn't as straightforward or straightforward as a few of the world's richest folks can make it seem 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're serious about using passive income to increase your wellbeing, you can't afford to fall for these seven persistent truths.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 site or online shop.
Blog visitors expect new content on a consistent basis. Individuals who enroll in an online course expect personalized aid when they encounter an issue. The internet itself is constantly changing.If you aren't doing your part to remain on top of industry changes, customer expectations and other responsibilities you'd find in any"busy" business, your passive income will quickly dry up.
You'll also likely need to continually fine-tune your thought to allow it to stay relevant.Passive income still requires an active presence.Related: 7 Ways to Make 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 toss together a blog or another passive income source in a single weekend.
Adams, bloggers need to find the ideal niche, pick 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 much more -- and don't forget about writing good content and uploading quality images!Needless 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 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 Aims: Exotic 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 the money that you need using a single source of revenue. This is similar to putting all your stock exchange investments into a single company.
By diversifying your revenue streams, you'll have a greater probability of earning enough to support your needs.Related: 11 Ways to Make Money While You Sleep4. Real estate is the safest form of passive income.With home and land values increasing at a rapid rate across the country, many individuals are falling for the notion that property management and home flipping are simple 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 the income you'd hope to generate from such endeavors.It quickly becomes clear that land management and other real estate investments seldom generate the ROI investors expect.
Selling a property, rather than attempting to manage it, is ultimately a safer (and easier) 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, this post it can be simple to become trapped in the idea 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 seem as rewarding as an exciting new business idea, they function as a much lower-risk solution for those hoping to have enough to fund their future plans. Most investors say that you should expect a 5 percent return on investment from your retirement accounts every year.That may not sound like much, but since you consistently add to these accounts over time, the growth can prove significant.