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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 Suggestions for Automating Your Cash FlowFew concepts are more appealing than passive income. In the end, what could be better than making money without having to perform any work When you read headlines that Amazon founder Jeff Bezos currently earns more than 230,000 each second, it is 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 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 world's richest folks 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're serious about using passive income to increase your quality of life, 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 idea of not needing to perform any additional work after setting up a site or online store.

Website visitors anticipate new content on a consistent basis. People who enroll in an online class anticipate 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, customer expectations and other responsibilities you would find in any"active" business, your passive income will quickly dry up.

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You will also likely need to continually fine-tune your thought 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 for started.It's easy to assume that anyone can throw 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 purchase a domain name just to begin. review Following 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 say, you likely won't be able to do all this in a single weekend.Be willing to spend 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 speed every time.Related: Serious Entrepreneurs Have 2 Aims: Exotic Income and Multiple Revenue Streams3. One solid source of income would be 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 like putting all of your stock exchange investments into a single company.

By diversifying your revenue streams, you will have a better likelihood 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 property values increasing at a rapid rate across the country, many individuals are falling for the idea that property management and house flipping are straightforward methods 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 land management and other property investments rarely generate address 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 good money.When you read about passive income, it can be simple to get trapped 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 simply by putting money in savings and retirement accounts.While such accounts may not look as rewarding 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 you ought next page 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 these accounts over time, the expansion can prove to be significant.

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