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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 Money FlowFew concepts are somewhat more appealing than passive income. In the end, what could be better than making money without having to perform any job When you browse headlines that 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 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 you could pursue entrepreneurial dreams or travel the world.But, generating passive income isn't as simple or straightforward as some of the world's richest people can make it seem 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 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 idea of not needing to do any additional work after setting up a blog or online store.

Website visitors anticipate new content on a consistent basis. People 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 your part to remain on top of industry changes, client expectations and other responsibilities you'd find in any"active" business, your passive income will quickly dry up.

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You'll also probably need to continually fine-tune your idea to allow it to stay relevant.Passive income nevertheless 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 blog or another passive income source in a single weekend.

Adams, bloggers need to find the right niche, choose a web hosting platform and purchase a domain name just to get started. 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 have the ability to do this all in a single weekend.Be willing to take 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 over rate every time.Related: Serious Entrepreneurs Have 2 Aims: Passive helpful site 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 of the money that you need using a single source of revenue. This is like putting all of your stock market investments into a single company.

By diversifying your revenue streams, 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 house and property values increasing at a rapid rate across the country, many individuals are falling for the notion that property management and home flipping are straightforward procedures of generating passive income.In reality, successful home management is never truly"passive." Property repairs and upgrades, dealing with bad tenants and other unexpected expenses are surprisingly common, eating away at the income you would expect 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 wikipedia reference 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 good money.When you browse about passive income, it can be simple to get trapped in the thought that you need to become an entrepreneur or buy up land.

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Many individuals generate all the passive income they need simply by putting money in savings and retirement accounts.While such accounts may not look as lucrative as an exciting new business idea, they serve 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 in your retirement accounts every year.That may not sound go right here like much, but as you consistently add to these accounts over time, the growth can prove to be significant.

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