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All entrepreneurs seek 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 perform any work When you browse headlines which Amazon founder Jeff Bezos currently earns over $230,000 per second, it is 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 make it possible for you to leave the daily grind of this 9-to-5 workday so you might pursue entrepreneurial dreams or travel the world.But, generating passive income isn't as straightforward or straightforward as a few of the planet's richest people can make it seem to be.

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Even more importantly, it demands that you devote your own time and investments in the ideal areas.If you are seriously interested in using passive income to increase your quality of life, you can't afford to fall for those seven persistent myths.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 perform any additional work after setting up a site or online store.

Website visitors expect new content on a consistent basis. People who enroll in an online course expect personalized support 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, client expectations and other responsibilities you would find in any"active" business, your passive income will dry up.

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You'll also likely need to continually fine-tune your thought to allow it to remain relevant.Passive income still needs an energetic presence.Related: 7 Ways to Make Extra Income Even Having a Full-Time Job2. You only need check this site out a single weekend for started.It's simple 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, pick a web hosting platform and buy a domain name just to begin. After that, they still need to learn about browser caching, SEO, permalinks and much more -- and don't forget about writing great 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 take 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 strong source of income is all you need.Another dangerous myth of passive income is that you can generate all the money you need using a single source of revenue. This is like putting all your stock market investments into a single company.

By diversifying your revenue flows, you'll get a greater likelihood of earning enough to encourage your needs.Related: 11 Ways to Make Money While You Sleep4. Real estate is the safest form of passive income.With house and property values increasing at a rapid pace throughout the country, many individuals are falling for the idea that property management and my website house flipping are straightforward procedures of generating passive income.In reality, effective property 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 read review to generate from such endeavors.It quickly becomes evident that property management and other property investments rarely 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 good money.When you browse about passive income, it can be easy to get caught up in the thought that you need to become an entrepreneur or buy up property.

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Many individuals generate each of the passive income they need simply by 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 far lower-risk solution for individuals 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 might not sound like much, but since you consistently add to these accounts over time, the expansion can prove to be significant.

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