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All entrepreneurs find passive income. What only a few know, however, is the way to separate reality 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 more appealing than passive income. After all, 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 start 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 allow 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 straightforward or straightforward as a few of the world's richest folks 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're serious about 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 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 site or online store.
Blog visitors expect new content on a consistent basis. People who enroll in an online course anticipate personalized aid when they encounter an issue. 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.
You will also probably need to continually fine-tune your thought to help it stay relevant.Passive income nevertheless requires an energetic presence.Related: 7 Ways to Make Extra Income Even With a Full-Time Job2. You only need a single weekend for started.It's simple to suppose 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 web hosting platform and purchase a domain name just to begin. After 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 check here to say, you likely won't be able to do this all in a single weekend.Be willing to spend some time 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 over speed every time.Related: Serious Entrepreneurs Have 2 Aims: Exotic Income and Multiple Revenue Streams3. One strong source of income is 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 similar to putting all of your stock exchange investments into a single company.
By diversifying your revenue flows, you will get a greater probability of earning enough to support your needs.Related: 11 Ways to Make Money While You Sleep4. Real estate is the safest type of passive income.With home and land review 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 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'd hope to generate from such endeavors.It quickly becomes clear that property 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 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 purchase 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 click look as lucrative as an exciting new business ideathey serve 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 the retirement accounts every year.That might not sound like much, but since you consistently add to these accounts as time passes, the growth can prove significant.