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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. In the end, 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 in case you don't generate as much passive income as Bezos, an additional source of revenue could allow you to leave the daily grind of this 9-to-5 workday so that you could pursue entrepreneurial dreams or journey the world.But, generating passive income isn't as simple or straightforward as a few of the planet's richest folks can make it seem to be.

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Even more importantly, it requires that you devote your own time and investments in the ideal areas.If you're seriously interested in using passive income to increase your wellbeing, you can't manage 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 shop.

Blog visitors expect new content on a consistent basis. Individuals who enroll in an online class anticipate personalized support 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"active" business, your passive income will quickly dry up.

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You will also probably need to continually fine-tune your thought to help it stay relevant.Passive income still requires an energetic presence.Related: 7 Ways to Make Extra Income Even With a Full-Time Job2. You only need a single weekend for started.It's easy to assume that anyone can toss together a blog or another passive income source in a single weekend.

Adams, bloggers need to find the ideal niche, pick check a web hosting platform and purchase a domain name just to begin. After 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 say, you likely won't be able to do this all in a single weekend.Be willing to spend the opportunity to learn the particular opportunities and challenges linked to your idea, and put in the effort to get it right.

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Quality will win over speed every time.Related: Serious Entrepreneurs Have 2 Aims: Passive 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 that you need with a single source of revenue. This is like putting all your stock market investments into a single company.

By diversifying your revenue streams, you'll have a greater probability of earning enough to support your needs.Related: 11 Ways to Make Money While You Sleep4. Real estate is the safest form of passive income.With house and land values increasing at a rapid pace throughout the country, many individuals are falling for the idea that property management and house flipping are straightforward methods 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 go to this website becomes clear that land management and other property investments seldom generate the ROI investors expect.

Selling a home, 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 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 each of the passive income they need simply by putting money in savings and retirement accounts.While such accounts might not seem as lucrative as an exciting new business idea, they function as a far lower-risk solution for individuals hoping to have enough to fund their future plans. Most investors say you should expect a 5 percent return on investment in your retirement accounts every year.That might not sound like much, but as you consistently add to these accounts over time, the growth can prove to be significant.

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