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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 Ideas 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 perform 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 you could pursue entrepreneurial dreams or journey the world.But, generating passive income isn't as straightforward or straightforward as some of the world's richest people can make it appear to be.

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Even more importantly, it requires that you dedicate your own time and investments in the right areas.If you are seriously interested in 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 perform any additional work after setting up a site or online shop.

Blog visitors anticipate new content on a consistent basis. Individuals who enroll in an online class anticipate personalized aid when they encounter a problem. The internet itself is constantly changing.If you aren't doing your part to remain on top of industry changes, customer expectations and other responsibilities you'd find in any"busy" business, your passive income will quickly dry up.

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You'll also likely need to continually fine-tune your thought to allow it to stay relevant.Passive income still needs an energetic presence.Related: 7 Ways to Make Extra Income Even Having 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 just to get started. Following that, they still need to learn about browser caching, SEO, permalinks and more -- and don't forget about writing good content and uploading quality images!Needless to state, you probably won't have the ability site here to do all this in a single weekend.Be willing to take the opportunity 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 over rate every time.Related: Serious Entrepreneurs Have 2 Goals: 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 the money that you need using a single source of revenue. This is like putting all your stock exchange investments into a single company.

By diversifying your revenue flows, you'll have a greater likelihood of earning enough to encourage your needs.Related: 11 Ways to Make Money While You Sleep4. Property is the safest form of passive income.With house and land values pop over to these guys increasing at a rapid pace across the country, many individuals are falling for the idea that property management and home flipping are straightforward procedures of generating passive income.In fact, effective home management is never truly"passive." Property repairs and upgrades, dealing with bad tenants and other unexpected expenses are surprisingly common, eating away at the income you'd expect to generate from such endeavors.It quickly becomes evident that property management and other property 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 easy to become trapped in the thought that you need to become an entrepreneur or buy up land.

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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 ideathey function as a much lower-risk solution for those hoping to have enough to fund their future plans. Most investors say that you ought to expect a 5 percent return on investment from the retirement accounts every year.That might not sound like much, but as you consistently add to these accounts as time passes, the expansion can prove significant.

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