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All entrepreneurs find 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 Ideas for Automating Your Money FlowFew concepts are more appealing than passive income. After all, what could be better than making money without having to do any work When you read headlines that 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 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 simple or straightforward as some of the world's richest folks can make it seem 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 serious about using passive income to increase your wellbeing, you can't afford to fall for these 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 do any additional work after setting up a site 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 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'd find in any"active" business, your passive income will quickly dry up.
You will also likely need to continually fine-tune your idea to allow it to remain relevant.Passive income still requires an active presence.Related: 7 Ways to Generate Extra Income Even With a Full-Time Job2. You only need a single weekend for started.It's simple to assume that anyone can throw together a site or another passive income source in a single weekend.
Adams, bloggers need to find the right niche, choose a hosting platform and buy a domain name simply to get started. After that, they still need to learn about browser caching, SEO, permalinks and 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 spend the time to learn the specific opportunities and challenges linked to your find out idea, and put in the effort to get it right.
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Quality will win more than speed every time.Related: Serious Entrepreneurs Have 2 Aims: Passive Income and Multiple Revenue Streams3. One solid source of income is all 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 flows, you'll get a greater likelihood of earning enough to encourage your needs.Related: 11 Ways to Make Money While You Sleep4. Property is the safest type of passive income.With home and property values increasing at a rapid rate across the country, many individuals are falling for the notion that property management and house flipping are straightforward procedures of generating passive income.In reality, effective home management is never truly"passive." Property repairs and upgrades, dealing with poor tenants and other unexpected expenses are surprisingly common, eating away at the income you would hope to generate from these endeavors.It quickly becomes clear that property management and other property investments rarely generate the ROI investors expect.
Selling a home, rather than attempting to manage it, is ultimately 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 browse about passive income, it can be easy to get trapped in the thought 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 might not look as rewarding as an exciting new business idea, they function as a much lower-risk solution for those 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 growth can prove significant.