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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 Ideas 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 job When you read headlines which 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'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 you could pursue entrepreneurial dreams or travel the world.But, generating passive income isn't as straightforward or straightforward as a few 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 right areas.If you are serious about using passive income to increase your quality of life, you can't manage to fall for these seven persistent myths.1. You can"set and forget" your revenue streams.This is perhaps the most dangerous myth connected with passive income.We all like the notion of not needing to perform any additional work after setting up a site or online shop.

Website visitors anticipate new content on a consistent basis. Individuals who enroll in an online class expect personalized support when they encounter an issue. The internet itself is constantly changing.If you aren't doing your part 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.

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You will 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 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 ideal 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 great content and uploading quality images!Needless to state, you probably won't have the ability to do this all in a single weekend.Be willing to take some check it out time to learn the specific 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: Exotic Income and Multiple Revenue Streams3. One strong source of income would be you need.Another dangerous myth of passive income is that you can generate all the money that 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 support your needs.Related: 11 Ways to Make Money While You Sleep4. Real estate is the safest form of passive income.With home and property values increasing at a rapid pace throughout the country, many individuals are falling for the idea that property management and house flipping are simple procedures of generating passive income.In fact, 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 these endeavors.It quickly becomes clear that property management and other property investments rarely generate the ROI investors expect.

Selling a home, rather than attempting to manage it, is finally a safer (and simpler ) 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 reference to get trapped in the thought that you need to become i thought about this an entrepreneur or buy up property.

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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 look as lucrative 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 in your retirement accounts each year.That might not sound like much, but since you consistently add to these accounts over time, the growth can prove significant.

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