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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 Cash 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 read headlines that Amazon founder Jeff Bezos currently earns more than 230,000 each second, it is only natural to start wondering how you too can earn money when you're 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 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 some of the world's richest folks can make it appear 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're serious about using passive income to increase your quality of life, you can't manage to fall for these seven persistent truths.1. You can"set and forget" your revenue streams.This is possibly the most dangerous myth associated with passive income.We all like the notion of not needing to do any additional work after setting up a blog or online shop.

Website visitors anticipate 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 what you can to stay on top of industry changes, client expectations and other responsibilities you'd find in any"active" business, your passive income will quickly dry up.

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You'll also probably need to continually fine-tune your idea to help it remain relevant.Passive income still requires an energetic presence.Related: 7 Ways to Make Extra Income Even With a Full-Time Job2. You only need a single weekend for started.It's simple 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, choose a web hosting platform and buy a domain name just to begin. Following that, they still need to learn about browser Going Here 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 spend some time 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 more than rate every time.Related: Serious Entrepreneurs Have 2 Goals: Exotic 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 of the money you need with a single source of revenue. This is similar to putting all of your stock exchange investments into a single company.

By diversifying your revenue streams, you will have a better likelihood of earning enough to support 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 pace throughout 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 property management is never truly"passive." Property repairs and updates, dealing with bad tenants and other unexpected expenses are surprisingly common, eating away at the income you'd hope to generate from such endeavors.It quickly becomes evident that property management and other real he said estate investments seldom generate the ROI investors anticipate.

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 decent money.When you browse about passive income, it can be simple to get caught up in the idea 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 function as a much lower-risk solution for those hoping to have check out this site enough to fund their future plans. Most investors say you should expect a 5 percent return on investment in your retirement accounts each year.That might not sound like much, but since you consistently add to those accounts as time passes, the expansion can prove to be significant.

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