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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 somewhat 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 that Amazon founder Jeff Bezos currently earns over $230,000 each second, it is 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 that you might pursue entrepreneurial dreams or travel 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 demands that you devote your own time and investments in the right areas.If you're 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 possibly 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 shop.

Blog visitors anticipate new content on a consistent basis. People who enroll in an online course expect personalized aid 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 would find in any"active" business, your passive income will dry up.

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You'll also probably need to continually fine-tune your thought to allow it to remain relevant.Passive income nevertheless 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 suppose that anyone can toss together a site or another passive income source in a single weekend.

Adams, bloggers need to find the ideal 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 say, you probably won't be able to do this all in a single weekend.Be willing to take the opportunity to learn the specific opportunities and challenges linked to your 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 Goals: Passive Income and Multiple Revenue Streams3. One strong source of income would be you need.Another dangerous myth of her comment is here 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 market 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 type of passive income.With house and land values increasing at a rapid pace across the country, many individuals are falling for the idea that property management and house flipping are simple procedures of generating passive income.In reality, effective home management is never truly"passive." Property repairs and updates, dealing with poor 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 land management and other real estate investments rarely generate the ROI investors anticipate.

Selling a property, rather than attempting to manage it, is finally 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 easy to get trapped in the thought 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 might not look 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 you ought to expect a 5 percent return on investment in the retirement accounts each year.That may not sound like much, but as you consistently add to those accounts over time, the expansion can prove significant.

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