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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 perform any work When you browse headlines which Amazon founder Jeff Bezos currently earns more than 230,000 each second, it's only natural to begin wondering how you too can earn money when you are 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 that you might pursue entrepreneurial dreams or journey the world.But, generating passive income isn't as simple 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 demands that you dedicate your own time and investments in the ideal areas.If you're seriously interested in using passive income to increase your wellbeing, you can't afford to fall for those seven persistent myths.1. You can"set and forget" your revenue streams.This is perhaps the most dangerous myth associated with passive income.We like the notion of not needing to perform any additional work after setting up a blog or online store.

Website visitors expect new content on a consistent basis. Individuals who enroll in an online course expect personalized support when they encounter a problem. The internet itself is constantly changing.If you aren't doing your part to remain 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 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 to get started.It's simple 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 hosting platform and buy a domain name simply to begin. 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 state, you probably won't be able to do this all in a single weekend.Be willing to take 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 rate every time.Related: Serious Entrepreneurs Have 2 Aims: Passive Income and Multiple Revenue Streams3. One solid source of income would be 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 market investments into a single company.

By diversifying your revenue flows, you'll have a better probability 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 home and property values increasing at a rapid pace throughout the country, many individuals are falling for the idea that property management and house flipping are simple methods of generating passive income.In reality, successful home management is never really"passive." Property repairs and updates, dealing with poor tenants and other unexpected expenses are surprisingly common, eating away at the income you would expect to generate from such 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 finally a safer (and simpler ) Visit Your URL 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 easy to become caught up 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 by simply putting money in savings and retirement accounts.While such accounts may not look as address rewarding as an exciting new business ideathey function as a much lower-risk solution for those 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 every year.That might not sound like much, but since you consistently add to these accounts over time, the growth can prove to be significant.

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