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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 do any job When you read headlines that 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 are not working.Even if you don't generate as much passive income as Bezos, an additional source of revenue could allow you to leave the daily grind of the 9-to-5 workday so that you could pursue entrepreneurial dreams or travel the world.But, generating passive income isn't as straightforward or straightforward as some of the world's richest folks can make it appear to be.

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Even more importantly, it requires that you devote your own time and investments in the right areas.If you're seriously interested in using passive income to increase your quality of life, you can't manage to fall for those seven persistent myths.1. You can"set and forget" your revenue streams.This is possibly the most dangerous myth connected with passive income.We like the idea of not needing to perform any additional work after setting up a blog or online shop.

Website 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 what you can to stay on top of industry changes, client expectations and other responsibilities you'd find in any"busy" business, your passive income will dry up.

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You will also likely need to continually fine-tune your idea to help it stay relevant.Passive income nevertheless requires an active presence.Related: 7 Ways to Generate Extra Income Even Having a Full-Time her explanation Job2. You only need a single weekend to get 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 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 great 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 take some opportunity to learn the particular opportunities and challenges related to your idea, and put in the effort to get it right.

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Quality will look at this website win more than speed every time.Related: Serious Entrepreneurs Have 2 Aims: Passive Income and Multiple Revenue Streams3. One solid source of income is you need.Another dangerous myth of passive income is that you can generate all 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 flows, you will get a greater probability of earning enough to support your needs.Related: 11 Ways to Make Money While You Sleep4. Real estate is the safest type of passive income.With house and property values increasing at a rapid rate across the country, many individuals are falling for the notion that property management and house flipping are simple procedures of generating passive income.In fact, effective home management is never truly"passive." Property repairs and updates, dealing with bad tenants and other unexpected expenses are surprisingly common, eating away at the income you'd expect to generate from these endeavors.It quickly becomes evident that property management and other real estate investments seldom generate the ROI investors expect.

Selling a property, rather than attempting to manage it, is finally 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 read about passive income, it can be simple to get caught up in the idea 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 by simply putting money in savings and retirement accounts.While such accounts may not look as rewarding as an exciting new business idea, they function as a far 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 may not sound like much, but since you consistently add to these accounts over time, the expansion can prove significant.

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