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All entrepreneurs find 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 Money FlowFew concepts are more appealing than passive income. After all, what could be better than making money without having to do any job When you browse headlines which Amazon founder Jeff Bezos currently earns more than 230,000 per 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 allow 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 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 devote your own time and investments in the ideal areas.If you are 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 associated with passive income.We all like the idea of not needing to do any additional work after setting up a blog or online store.
Website visitors expect 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'd find in any"active" business, your passive income will dry up.
You will also probably need to continually fine-tune your thought to allow it to remain relevant.Passive income still needs an active presence.Related: 7 Ways to Make Extra Income Even With a Full-Time Job2. You only need a single weekend to get started.It's easy to assume that anyone can throw together a site or another passive income source in a single weekend.
Adams, bloggers need to find the right niche, choose a hosting platform and purchase a domain name simply to get started. After 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 probably won't have the ability to do this all 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 more than rate every time.Related: Serious Entrepreneurs Have 2 Aims: Exotic Income and Multiple Revenue Streams3. One solid source find more info of income is 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 similar to putting all of your stock market investments into a single company.
By diversifying your revenue streams, you will have a greater probability of earning enough to support your needs.Related: 11 Ways to Make Money While You Sleep4. Property is the safest form of passive income.With house 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 straightforward procedures of generating passive income.In reality, effective property management is never really"passive." Property repairs and updates, 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 clear that land management and other property investments rarely generate the ROI investors anticipate.
Selling a home, 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 easy to become caught up in the thought that you need to become an entrepreneur or purchase land.
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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 not look as rewarding as an exciting new business idea, they function as a much lower-risk solution for individuals hoping to have enough to fund their future plans. Most investors say you should expect a 5 percent return on investment in your retirement accounts each year.That might not sound like much, but as you consistently add to those accounts as time passes, the growth can prove significant.