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All entrepreneurs seek 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 Suggestions 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 read 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 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 planet's richest people can make it seem 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 wellbeing, you can't manage to fall for these seven persistent truths.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 store.

Blog visitors expect new content on a consistent basis. People who enroll in an online course anticipate personalized aid when they encounter a problem. 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"busy" business, your passive income will dry up.

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You'll also probably need to continually fine-tune your thought to help it stay relevant.Passive income nevertheless requires an active presence.Related: 7 Ways to Generate Extra Income helpful resources Even With a Full-Time Job2. You only need a single weekend to get 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 hosting platform and buy a domain name simply to begin. After that, 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 state, you probably won't have the ability to do this all in a single weekend.Be willing to spend the opportunity to learn the particular opportunities and challenges linked to your idea, and put in the effort to get it right.

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Quality will win over speed every time.Related: Serious Entrepreneurs Have 2 Aims: Exotic Income and Multiple Revenue Streams3. One strong source of income would be you need.Another dangerous myth of passive income is that you can generate all of the money that 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 streams, you will get a better probability of earning enough to support your needs.Related: 11 Ways to Make Money While You Sleep4. Property is the safest type of passive income.With house and land values increasing at a rapid rate across i was reading this 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 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 evident that property management and other real estate investments rarely generate the ROI investors anticipate.

Selling a home, rather than attempting to manage it, is finally a safer (and easier) solution.Related: 3 Great Ways to Make Money on the advice Side5. You need a business idea to earn decent money.When you browse about passive income, it can be simple to become trapped in the idea 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 may not seem as lucrative as an exciting new business idea, they serve 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 your retirement accounts each year.That may not sound like much, but as you consistently add to these accounts over time, the expansion can prove significant.

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