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All entrepreneurs seek 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 Ideas for Automating Your Money FlowFew concepts are somewhat more appealing than passive income. In the end, what could be better than making money without having to perform any job When you read headlines which Amazon founder Jeff Bezos currently earns over $230,000 each second, it is only natural to begin wondering how you too can earn money when you're not working.Even in case 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 journey the world.But, generating passive income isn't as straightforward or straightforward as a few of the planet's richest folks can make it appear 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 those seven persistent myths.1. You can"set and forget" your revenue streams.This is possibly the most dangerous myth associated with passive income.We all like the notion of not needing to perform 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 course anticipate personalized aid when they encounter a problem. The internet itself is constantly changing.If you aren't doing your part to remain on top of industry changes, customer expectations and other responsibilities you'd find in any"active" business, your passive income will dry up.

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You will also likely need to continually fine-tune your thought to help it stay relevant.Passive income still 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 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 right niche, pick a hosting platform and buy a domain name just to begin. 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 likely won't be able to do this all in a single weekend.Be willing to spend some opportunity to learn the particular opportunities and challenges related to your idea, and put in the effort to get it right.

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Quality will win more than speed every time.Related: Serious Entrepreneurs Have 2 Aims: Exotic Income 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 the money that you need with a single source of revenue. This is like putting all of your stock market investments into a single company.

By diversifying your revenue streams, Your Domain Name 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 idea that property management and house flipping are straightforward methods of generating passive income.In reality, successful home 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'd expect to generate from such endeavors.It quickly becomes clear that land management and other real estate investments seldom generate the ROI investors anticipate.

Selling a property, rather than attempting to manage it, is ultimately a safer (and simpler ) 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 thought that you need to become an entrepreneur or buy up land.

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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 seem as lucrative as an exciting new business idea, they 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 the retirement accounts each year.That might not sound like much, but since you consistently add to those accounts over time, the growth can prove significant.

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