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All entrepreneurs seek passive income. What only a few know, however, is how 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 Money FlowFew concepts are more appealing than passive income. After all, what could be better than making money without having to do any job When you read headlines that Amazon founder Jeff Bezos currently earns over $230,000 each second, it's only natural to start 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 travel the world.But, generating passive income isn't as simple or straightforward as some of the planet'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're serious about using passive income to increase your quality of life, you can't afford to fall for those seven persistent myths.1. You can"set and forget" your revenue streams.This is perhaps the most dangerous myth associated with passive income.We all like the notion of not needing to perform any additional work after setting up a site or online store.

Website visitors anticipate new content on a consistent basis. Individuals 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 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 dry up.

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You'll also probably need to continually fine-tune your thought to help it remain relevant.Passive income still needs an active presence.Related: 7 Ways to Make Extra Income Even Having a Full-Time Job2. You only need a single weekend for started.It's easy to suppose that anyone can throw together a site or another passive income source in a single weekend.

Adams, bloggers need to find the ideal niche, choose a hosting platform and purchase a domain name simply to begin. After that, they still need to learn about browser caching, SEO, permalinks and much more -- and don't forget about writing great content and uploading quality images!Needless to state, you probably won't have the ability to do this all in a single weekend.Be willing to spend some opportunity to learn the specific opportunities and challenges linked to your thought, and put in the effort to get it right. find out here

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Quality will win more than speed every time.Related: Serious Entrepreneurs Have 2 Goals: Exotic 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 you need using a single source of revenue. This is like 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. advice Property is the safest type of passive income.With house and property values increasing at a rapid rate throughout the country, many individuals are falling for the notion that property management and house flipping are straightforward procedures of generating passive income.In reality, successful property management is never really"passive." Property repairs and upgrades, 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 land management and other real estate investments seldom generate the ROI investors anticipate.

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 simple to get caught up 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 simply by putting money in savings and retirement accounts.While such accounts may not seem as rewarding as an exciting new business idea, they function as a much lower-risk solution for individuals hoping to have enough to fund their future plans. Most investors say that you ought to expect a 5 percent return on investment in the retirement accounts every year.That may not sound like much, but since you Resources consistently add to those accounts as time passes, the expansion can prove significant.

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