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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 perform any job When you browse headlines that Amazon founder Jeff Bezos currently earns over $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 you might pursue entrepreneurial dreams or journey the world.But, generating passive income isn't as simple or straightforward as a few of the world's richest folks 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 ideal areas.If you are seriously interested in using passive income to increase your wellbeing, you can't manage to fall for those seven persistent myths.1. You can"set and forget" your revenue streams.This is perhaps the most dangerous myth connected with passive income.We all 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 expect personalized support when they encounter an issue. The internet itself is constantly changing.If you aren't doing what you can to remain on top of industry changes, client 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 active presence.Related: 7 Ways to Generate 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 ideal niche, pick a 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 state, you likely won't be able to do this all in a single weekend.Be willing to spend some time to learn the specific opportunities and challenges related 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: 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 of 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 better likelihood of earning enough to encourage your needs.Related: 11 Ways to Make Money While You Sleep4. Real estate is the safest form of passive income.With home and land values increasing at a rapid pace across the country, many individuals are falling for the notion that property my latest blog post management and house flipping are straightforward procedures of generating passive income.In fact, effective property management is never truly"passive." Property repairs and upgrades, dealing with poor tenants and other unexpected expenses are surprisingly common, eating away at the income you'd hope to generate from these 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 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 easy to get caught up in the idea that you need to become an entrepreneur or purchase property.

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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 lucrative as an exciting new business ideathey 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 as you consistently add to these accounts over time, the growth can prove to be significant.

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