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All entrepreneurs find 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 Money 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 read 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're 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 this 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 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 ideal areas.If you are seriously interested in using passive income to increase your quality of life, 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 idea 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 expect personalized aid when they encounter a problem. 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"busy" 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 stay relevant.Passive income nevertheless needs an energetic presence.Related: 7 Ways to Make Extra Income Even With a Full-Time Job2. You only need a single weekend to get started.It's simple to suppose that anyone can toss together a site or another passive income source in site here a single weekend.

Adams, bloggers need to find the right niche, pick a hosting platform and buy a domain name just to get started. 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 likely won't be able to do all this in a single weekend.Be willing to try this out take some 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 rate every time.Related: Serious Entrepreneurs Have 2 Aims: Exotic Income and Multiple Revenue Streams3. One strong source of income is you need.Another dangerous myth of passive income is that you can generate all 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 greater probability of earning enough to encourage your needs.Related: 11 Ways to Make Money While You Sleep4. Real estate is the safest type of passive income.With house and property values increasing at a rapid rate across the country, many individuals are falling for the notion that property management and home flipping are straightforward methods of generating passive income.In fact, effective property management is never truly"passive." Property repairs and upgrades, dealing with bad tenants and other unexpected expenses are surprisingly common, eating away at the check here income you'd expect to generate from such endeavors.It quickly becomes evident that land management and other property investments rarely generate the ROI investors anticipate.

Selling a home, 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 read about passive income, it can be simple to get trapped in the idea that you need to become an entrepreneur or purchase land.

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Many individuals generate each of the passive income they need by simply putting money in savings and retirement accounts.While such accounts may not look as lucrative as an exciting new business idea, they serve 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 from the retirement accounts every year.That may not sound like much, but since you consistently add to those accounts as time passes, the growth can prove to be significant.

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