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All entrepreneurs seek 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 Suggestions for Automating Your Cash FlowFew concepts are more appealing than passive income. After all, what could be better than making money without having to perform any job When you browse headlines which Amazon founder Jeff Bezos currently earns more than 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 that 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 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 afford 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 notion of not needing to perform any additional work after setting up a blog or online shop.

Blog visitors expect new content on a consistent basis. People 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 stay 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 idea to allow it to remain relevant.Passive income nevertheless requires 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 blog 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 simply to get started. After 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 state, 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 related to your thought, and put in the effort to get it right.

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Quality will win click to find out more over rate every time.Related: Serious Entrepreneurs Have 2 Aims: Passive Income and Multiple Revenue Streams3. One solid source of income is all 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 market 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 form of passive income.With house and land values increasing at a rapid rate throughout the country, many individuals are falling for the notion that property management and house flipping are simple procedures of generating passive income.In reality, effective home management is never really"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 clear that property management and other property investments rarely generate the ROI investors expect.

Selling a property, 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 good money.When you read Recommended Reading about passive income, it can be easy to get trapped in the thought that you need to become an entrepreneur or buy up property.

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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 ideathey serve as a far lower-risk solution for individuals hoping to have enough to fund their future plans. Most investors say you ought to expect a 5 percent return on investment from the retirement accounts every year.That may not sound like much, but as you consistently add look at this website to those accounts as time passes, the growth can prove significant.

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