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All entrepreneurs find 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 Cash FlowFew concepts are somewhat more appealing than passive income. After all, what could be better than making money without having to do any work When you read headlines which Amazon founder Jeff Bezos currently earns more than 230,000 per 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 might 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 people can make it appear to be.

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Even more importantly, it demands that you devote your own time and investments in the right areas.If you are seriously interested in using passive income to increase your quality of life, you can't manage to fall for these seven persistent myths.1. You can"set and forget" your revenue streams.This is possibly 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 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 would find in any"active" business, your passive income will 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 needs an active 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 suppose that anyone can throw together a site or another passive income source in a single weekend.

Adams, bloggers need to find the right niche, pick a web hosting platform and buy a domain name just to begin. After that, helpful hints 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 say, you probably 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 thought, and put in the effort to get it right.

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Quality will win more than rate every time.Related: Serious Entrepreneurs Have 2 Goals: Passive Income and Multiple Revenue Streams3. click here for more One solid source of income is you need.Another dangerous myth of passive income is that you can generate all of the money that 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 get a greater likelihood of earning enough to encourage your needs.Related: 11 Ways to Make Money While You Sleep4. Real estate is the safest type 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 home flipping are straightforward methods of generating passive income.In reality, successful property management is never really"passive." Property repairs and upgrades, dealing with poor tenants and other unexpected expenses are blog here surprisingly common, eating away at the income you'd expect to generate from these endeavors.It quickly becomes evident that land management and other real estate investments seldom generate the ROI investors expect.

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 decent money.When you browse about passive income, it can be simple to become 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 by simply 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 that you should expect a 5 percent return on investment from the retirement accounts each year.That may not sound like much, but since you consistently add to those accounts as time passes, the growth can prove significant.

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