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All entrepreneurs seek 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 Suggestions for Automating Your Cash 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 that 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 if 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 this 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 world's richest people 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 seriously interested in using passive income to increase your quality of life, you can't manage to fall for these seven persistent truths.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 perform any additional work after setting up a site or online shop.
Blog visitors anticipate new content on a consistent basis. Individuals who enroll in an online class expect personalized support 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"busy" business, your passive income will quickly dry up.
You'll also likely need to continually fine-tune your thought to allow it to stay relevant.Passive income nevertheless requires an active 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 straight from the source to find the right niche, pick a hosting platform and purchase a domain name simply to begin. After that, they still need to learn about browser caching, SEO, permalinks and more -- and don't forget about writing good 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 some time to learn the specific opportunities and challenges linked to your idea, 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 Aims: Passive Income and Multiple Revenue Streams3. One strong source of income is all 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'll have a better likelihood 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 across the country, many individuals are falling for the idea that property management and house flipping are straightforward methods of generating passive income.In reality, effective 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 would expect to my site generate from such endeavors.It quickly becomes clear that land management and other real estate investments rarely 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 decent money.When you browse about passive income, it can be simple to get trapped in the idea 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 simply by putting money in savings and retirement accounts.While such accounts might 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 that you should expect a 5 percent return on investment in the retirement accounts every year.That may not sound like much, but since you consistently add to those accounts as time passes, the expansion can prove significant.