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All entrepreneurs find passive income. What only a few know, however, is how to separate fact from fiction.

Wouldn't it be great to earn money while you're relaxing on the beachRelated: 17 Passive Income Suggestions for Automating Your Cash FlowFew concepts are more appealing than passive income. In the end, what could be better than making money without having to do any job When you browse headlines that Amazon founder Jeff Bezos currently earns over $230,000 per second, it's only natural to start 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 you might pursue entrepreneurial dreams or travel the world.But, generating passive income isn't as simple or straightforward as some of the world's richest folks 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're serious about using passive income to increase your quality of life, you can't afford to fall for those seven persistent truths.1. You can"set and forget" your revenue streams.This is perhaps the most dangerous myth associated with passive income.We all like the notion of not needing to perform any additional work after setting up a blog or online store.

Blog visitors expect new content on a consistent basis. Individuals 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 stay 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 help it remain relevant.Passive income nevertheless needs an energetic presence.Related: 7 Ways to Generate Extra Income Even Having a Full-Time Job2. You only need a single weekend for started.It's easy to assume that anyone can toss together a blog or another passive income source in a single weekend.

Adams, bloggers need to find the ideal niche, page choose a web hosting platform and purchase a domain name simply to begin. 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 state, you probably won't have the ability to do all this in a single weekend.Be willing to take the opportunity to learn the specific opportunities and challenges More Help linked to your idea, 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 all you need.Another dangerous myth of passive income is that you can generate all of 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 will have a greater likelihood 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 house and property 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 fact, successful property management is never really"passive." Property repairs and upgrades, dealing with bad tenants and other unexpected expenses are surprisingly common, eating away at the income you would hope to generate from such endeavors.It quickly becomes evident that land management and other property investments rarely generate the ROI investors expect.

Selling a home, rather than attempting to manage it, is finally a safer (and easier) solution.Related: 3 Great Ways to Make Money on the Side5. You need a business idea to earn decent money.When you read about passive click now income, it can be easy to become caught up in the idea that you need to become an entrepreneur or buy up land.

 

 

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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 may not look as rewarding as an exciting new business idea, they function as a far 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 those accounts over time, the growth can prove significant.

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