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All entrepreneurs seek passive income. What only a few know, however, is the way to separate fact 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 more appealing than passive income. In the end, what could be better than making money without having to perform any work When you browse headlines that Amazon founder Jeff Bezos currently earns more than 230,000 each second, it's only natural to begin wondering how you too can earn money when you are 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 you could pursue entrepreneurial dreams or journey the world.But, generating passive income isn't as simple or straightforward as some of the world's richest folks can make it appear to be.
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Even more importantly, it requires that you devote your own time and investments in the right areas.If you are serious about using passive income to increase your quality of life, you can't manage to fall for those seven persistent truths.1. You can"set and forget" your revenue streams.This is possibly the most dangerous myth associated with passive income.We all like the idea of not needing to perform any additional work after setting up a blog or online store.
Blog visitors anticipate 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 what you can to remain on top of industry changes, client expectations and other responsibilities you would find in any"active" business, your passive income will dry up.
You'll 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 Generate Extra Income Even Having a Full-Time Job2. You only need a single weekend to get 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, choose a hosting platform and purchase a domain name simply see to begin. 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 say, you likely won't be able to do all this in a single weekend.Be willing to spend the time to learn the particular 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 speed every time.Related: Serious Entrepreneurs Have 2 Aims: Passive Income and Multiple Revenue Streams3. One solid source of income would be you need.Another dangerous myth of passive income is that you can generate all of the money that you need with a single source of revenue. This is similar to putting all your stock exchange investments into a single company.
By diversifying your revenue flows, you'll get a greater likelihood like it 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 home and land values increasing at a rapid pace across the country, many individuals are falling for the idea that property management and house flipping are simple methods of generating passive income.In reality, effective property management is never truly"passive." Property repairs and upgrades, dealing with poor tenants and other unexpected expenses are surprisingly common, eating away at the income you would expect to generate from such endeavors.It quickly becomes clear that property management and other property investments rarely generate the ROI investors anticipate.
Selling a home, web 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 decent money.When you browse about passive income, it can be simple to get caught up in the thought that you need to become an entrepreneur or purchase property.
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Many individuals generate each of the passive income they need simply by 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 much lower-risk solution for those hoping to have enough to fund their future plans. Most investors say that you ought to expect a 5 percent return on investment from the retirement accounts each year.That might not sound like much, but as you consistently add to those accounts as time passes, the expansion can prove to be significant.