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All entrepreneurs find passive income. What only a few know, however, is the way 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. After all, what could be better than making money without having to perform any work When you browse headlines that Amazon founder Jeff Bezos currently earns more than 230,000 per second, it is only natural to start 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 make it possible for 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 planet'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 ideal areas.If you're serious about using passive income to increase your wellbeing, you can't manage to fall for those seven persistent truths.1. You can"set and forget" your revenue streams.This is possibly the most dangerous myth connected with passive income.We all like the notion of not needing to do any additional work after setting up a site or online shop.

Website visitors anticipate new content on a consistent basis. Individuals who enroll in an online course expect personalized aid when they encounter an issue. 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 would find in any"busy" 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 remain relevant.Passive income nevertheless requires an energetic presence.Related: 7 Ways to Make Extra Income Even Having a Full-Time Job2. You only need a single weekend for started.It's simple to assume 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 web hosting platform and buy a domain name simply to begin. Following 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 probably won't be able to do this all in a single weekend.Be willing to take 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 over rate every time.Related: Serious Entrepreneurs Have 2 Aims: Passive Income and Multiple Revenue Streams3. One solid source of income my website is you need.Another dangerous myth of passive income is that you can generate all the money you need using a single source of revenue. This is similar to putting all your stock market investments into a single company.

By diversifying your revenue flows, you will have a better probability 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 home and land values increasing at a rapid pace throughout the country, many individuals are falling for the notion that property management and house flipping are straightforward methods 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 would expect to generate from such endeavors.It quickly becomes clear 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 simple to get caught up in the idea that you need to become an entrepreneur or purchase land.

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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 look as rewarding as an exciting new business idea, they serve 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 your retirement accounts each year.That may not sound like much, but since you consistently add to those accounts over time, the growth can prove to be significant.

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