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All entrepreneurs find 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. After all, what could be better than making money without having to do any work 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 are not working.Even if you don't generate as much passive income as Bezos, an additional source of revenue could allow you to leave the daily grind of this 9-to-5 workday so you might pursue entrepreneurial dreams or journey the world.But, generating passive income isn't as straightforward or straightforward as some of the world's richest people can make it seem to be.

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Even more importantly, it demands that you dedicate your own time and investments in the right areas.If you are serious about using passive income to increase your wellbeing, you can't afford to fall for those seven persistent myths.1. You can"set and forget" your revenue streams.This is perhaps the most dangerous myth associated with passive income.We like the idea of not needing to do any additional work after setting up a site or online store.

Website visitors expect new content on a consistent basis. People who enroll in an online class anticipate personalized support 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'd find in any"busy" 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 Make Extra Income Even Having a Full-Time Job2. You only need a single weekend for started.It's simple to suppose that anyone can throw 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 purchase a domain name just to begin. Following that, they still need to learn about browser caching, SEO, permalinks and much more -- and don't forget about writing good content and uploading quality images!Needless to say, you probably won't have the ability to do all this in a single weekend.Be willing to take the time to learn the particular opportunities and challenges linked 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 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 streams, you will have a better probability of earning enough to support your needs.Related: 11 Ways to Make Money While You Sleep4. Property is the safest form of passive income.With house and land values increasing at a rapid pace across the country, many individuals are falling for the notion that property management and home flipping are simple methods of generating passive income.In fact, 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 would expect to generate from these 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 finally a safer (and easier) you could try these out 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 simple to become caught up in the idea that you need to become an entrepreneur or purchase property.

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Many individuals generate all the passive income they need by simply putting money in savings and retirement accounts.While such accounts might not look as rewarding as an exciting new business idea, they serve as a much 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 as you consistently add to these accounts as time passes, the expansion can prove to be significant.

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