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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 Suggestions for Automating Your Money FlowFew concepts are somewhat more appealing than passive income. After all, what could be better than making money without having to do any work When you read headlines which Amazon founder Jeff Bezos currently earns over $230,000 per second, it's only natural to begin wondering how you too can earn money when you are not working.Even in case 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 straightforward or straightforward as a few of the planet'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 right areas.If you are serious about using passive income to increase your quality of life, you can't afford to fall for these seven persistent truths.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 store.

Website visitors anticipate new content on a consistent basis. People who enroll in an online course expect personalized aid when they encounter a problem. The internet itself is constantly changing.If you aren't doing your part to stay on top of industry changes, customer 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 likely need to continually fine-tune your thought to allow it to stay relevant.Passive income nevertheless needs an energetic presence.Related: 7 Ways to Make Extra Income Even Having a Full-Time Job2. You only need a single weekend to get started.It's easy to suppose that anyone can toss together a site or another passive income source in a single weekend.

Adams, bloggers need to find the ideal niche, choose a hosting platform and buy a domain name just to begin. Following that, they still need to learn about browser caching, SEO, permalinks and more -- and don't forget about writing great content and uploading quality images!Needless to say, you likely won't have the ability to do this all in a single weekend.Be willing to spend the opportunity to learn the specific opportunities and challenges linked to your idea, and put in the effort to get it right.

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Quality will win more than rate every time.Related: Serious Entrepreneurs Have 2 Goals: Exotic Income and Multiple see this here Revenue Streams3. One solid source of income is all 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 similar to putting all your stock exchange investments into a single company.

By diversifying your revenue flows, you'll have 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 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 really"passive." Property repairs and upgrades, dealing with poor 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 land management and other real estate investments seldom generate the ROI investors expect.

Selling a home, rather than attempting to manage it, is ultimately a safer (and easier) solution.Related: 3 Great Ways to More Help 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 caught up in the thought that you need to become an entrepreneur or purchase 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 may click for source not look as lucrative as an exciting new business ideathey serve as a far lower-risk solution for those hoping to have enough to fund their future plans. Most investors say that you should expect a 5 percent return on investment in your retirement accounts each year.That may not sound like much, but as you consistently add to those accounts over time, the expansion can prove significant.

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