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All entrepreneurs seek passive income. What only a few know, however, is how 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 somewhat more appealing than passive income. After all, what could be better than making money without having to do any job When you read headlines which 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'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 that you could pursue entrepreneurial dreams or travel the world.But, generating passive income isn't as straightforward 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're seriously interested in using passive income to increase your quality of life, you can't afford to fall for these seven persistent myths.1. You can"set and forget" your revenue streams.This is perhaps 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 shop.

Website visitors anticipate new content on a consistent basis. People who enroll in an online course expect personalized support 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, client expectations and other responsibilities you'd find in any"busy" business, your passive income will quickly dry up.

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You'll also likely need to continually fine-tune your thought to help it remain relevant.Passive income nevertheless needs an active presence.Related: 7 Ways to Generate Extra Income Even Having a Full-Time Job2. You only need a single weekend for started.It's simple to suppose that anyone can throw together a site or another passive income source in a single weekend.

Adams, bloggers need to find the my sources ideal niche, choose a hosting platform and purchase a domain name just to get started. After 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 likely won't have the ability to do this all in a single weekend.Be willing to take 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 over speed every time.Related: Serious Entrepreneurs Have 2 Goals: Passive Income Get More Info and Multiple Revenue Streams3. One solid source of income would be all you need.Another dangerous myth of passive income is that you can generate all of the money you need with 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 have a greater probability of earning enough to encourage your needs.Related: 11 Ways to Make Money While You Sleep4. Property is the safest form of passive income.With home and land values increasing at a rapid rate throughout the country, many individuals are falling for the notion that property management and home flipping are simple methods of generating passive income.In fact, successful property management is never truly"passive." Property repairs and updates, 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 evident that land management and other property investments rarely generate the ROI investors expect.

Selling a property, rather than attempting to manage it, is ultimately a safer (and easier) solution.Related: 3 Great Ways to Make Money on the Side5. You need a business idea to earn decent money.When you read about passive income, it can be simple to become trapped in the idea 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 might not seem as lucrative as an exciting new business ideathey function as a far lower-risk solution for individuals hoping to have enough to fund their future plans. Most investors say you ought to expect a 5 percent return on investment in your retirement accounts every year.That might not sound like much, but as you consistently add to those accounts over time, the growth can prove to be significant.

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