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All entrepreneurs seek 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. In the end, what could be better than making money without having to do any work 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 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 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 some of the world's richest folks can make it seem to be.

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Even more importantly, it demands that you dedicate your own time and investments in the ideal areas.If you're 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 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 anticipate 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 what you can to stay on top of industry changes, customer expectations and other responsibilities you would 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 allow it to remain relevant.Passive income still needs 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 easy to suppose that anyone can toss together a site or another passive income see this here source in a single weekend.

Adams, bloggers need to find the ideal niche, choose 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 more -- and don't forget about writing good content and uploading quality images!Needless to say, you likely won't have the ability to do all this in a single weekend.Be willing to spend the 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 more than speed every time.Related: Serious Entrepreneurs Have 2 Goals: Exotic Income and Multiple Revenue Streams3. One strong source of income is 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 like putting all of your stock market investments into a single company.

By diversifying your revenue flows, you will have a greater likelihood 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 home and land values increasing at a rapid pace throughout the country, many individuals are falling for the idea that property management and home flipping are simple 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 would hope to generate from such 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 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 web link can be easy to become caught up in the thought that you need to become an entrepreneur or buy up 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 rewarding as an exciting new business idea, they function as a much 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 your retirement accounts every year.That might not sound like much, but since you consistently add to those accounts as time passes, the expansion can prove significant.

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