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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. In the end, what could be better than making money without having to do any job When you browse 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 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 might pursue entrepreneurial dreams or journey the world.But, generating passive income isn't as simple or straightforward as some 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're seriously interested in using passive income to increase your wellbeing, you can't afford to fall for these 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 do any additional work after setting up a site or online store.

Blog visitors anticipate new content on a consistent basis. People who enroll in an online class expect personalized aid when they encounter a problem. The internet itself is constantly changing.If you aren't doing what you can to remain on top of industry changes, customer expectations and other responsibilities you would find in any"busy" business, your passive income will quickly dry up.

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You'll also probably need to continually fine-tune your idea to allow it to remain relevant.Passive income nevertheless 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 toss together a blog or another passive income source in a single weekend.

Adams, bloggers need to find the right niche, choose a web hosting platform and buy a domain name just to get started. 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 state, you likely won't have the ability to do this all in a single weekend.Be willing to spend the time to learn the specific opportunities and challenges linked to your thought, and put in the effort to get it right.

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Quality will win over rate every time.Related: Serious Entrepreneurs Have 2 Goals: Passive Income and Multiple you can look here 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 similar to putting all of your stock market investments into a single company.

By diversifying your revenue streams, you will get a greater likelihood of earning enough to encourage your needs.Related: 11 Ways to Make Money While You Sleep4. Real estate is the safest type of passive income.With house and land values increasing at a rapid rate throughout the country, many individuals are falling for the idea that property management and house flipping are straightforward procedures of generating passive income.In reality, effective 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 hope to generate from such endeavors.It quickly becomes evident that land management and other property investments seldom generate the ROI investors anticipate.

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 easy to get trapped in the thought that you need to become an entrepreneur or buy up property.

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Many individuals generate each of the passive income they need by simply putting money in savings and retirement accounts.While such accounts may not look as lucrative as an exciting new business idea, they function as a far lower-risk solution for those hoping to have enough to fund their future plans. Most investors say you should expect a 5 percent return on investment from your retirement accounts every year.That may not sound like much, but since you consistently add to those accounts over time, the growth can prove to be significant.

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