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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 more appealing than passive income. After all, what could be better than making money without having to perform any job When you browse headlines which Amazon founder Jeff Bezos currently earns more than 230,000 per 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 allow you to leave the daily grind of the 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 seriously interested in 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 connected with passive income.We all like the notion of not needing to perform any additional work after setting up a site or online store.

Blog visitors anticipate new content on a consistent basis. People who enroll in an online class anticipate personalized support 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'd find in any"active" business, your passive income will dry up.

 

 

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You will also probably need to continually fine-tune your idea to allow it to remain relevant.Passive income nevertheless requires an active presence.Related: 7 Ways to Generate Extra Income Even Having a Full-Time Job2. You only need a single weekend to get started.It's easy to assume that anyone can throw 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 just to get started. After that, they still need to learn about browser caching, SEO, permalinks and much more -- Discover More and don't forget about writing great content and uploading quality images!Needless to state, you probably won't be able to do all this in a single weekend.Be willing to take some opportunity to learn the specific opportunities and challenges related to your thought, 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: 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 with a single source of revenue. This is like putting all of your stock market investments into a single company.

By diversifying your revenue streams, you will get a better likelihood of earning enough to encourage your needs.Related: 11 Ways to Make Money While You Sleep4. Property is the safest form of passive income.With house and land values increasing at a rapid rate across the country, many individuals are falling for the idea that property management and house flipping are straightforward procedures of generating passive income.In reality, successful home management is never truly"passive." Property repairs and upgrades, 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 property management and other property investments rarely generate the ROI investors expect.

Selling a property, 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 good money.When you browse about passive income, it can be easy to get trapped in the thought that you need to become an entrepreneur or buy up 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 look as rewarding as an exciting new business ideathey serve as a much lower-risk solution for those hoping to have enough to fund their future plans. Most investors say you should expect a 5 percent return on investment in the retirement accounts every year.That might not sound like much, but as you consistently add to these accounts over time, the growth can prove to be significant.

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