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All entrepreneurs seek passive income. What only a few know, however, is the way to separate reality 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. In the end, what could be better than making money without having to do any job When you browse headlines which Amazon founder Jeff Bezos currently earns over $230,000 per second, it's 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 allow you to leave the daily grind of this 9-to-5 workday so that 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 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 right areas.If you're serious about using passive income to increase your quality of life, you can't afford to fall for those seven persistent truths.1. You can"set and forget" your revenue streams.This is perhaps the most dangerous myth connected with passive income.We all like the notion of not needing to perform any additional work after setting up a blog or online shop.
Website visitors expect new content on a consistent basis. People who enroll in an online course anticipate personalized aid 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'd find in any"busy" business, your passive income will dry up.
You'll also likely need to continually fine-tune your idea to help it remain relevant.Passive income nevertheless requires an energetic presence.Related: 7 Ways to Generate Extra Income Even Having a Full-Time Job2. You only need a single weekend to get started.It's simple to assume that anyone can toss together a blog 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 just to get started. After 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 state, you likely won't be able to do all this in a single weekend.Be willing to take some opportunity 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 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 exchange investments into a single company.
By diversifying your revenue flows, you'll get a better 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 Continued a rapid pace throughout the country, many individuals are falling for the notion that property management and house flipping are simple procedures of generating passive income.In fact, successful 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 these endeavors.It quickly becomes evident that property management and other real estate investments rarely generate the ROI investors expect.
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 Side5. You need a business idea to earn good 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 by simply putting money in savings and retirement accounts.While such accounts may not seem as lucrative as an exciting new business ideathey 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 every year.That might not sound like much, but as you consistently add to these accounts as time passes, the expansion can prove to be significant.