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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 Money FlowFew concepts are somewhat more appealing than passive income. After all, what could be better than making money without having to perform any job When you browse headlines that Amazon founder Jeff Bezos currently earns more than 230,000 per second, it's only natural to begin 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 you might pursue entrepreneurial dreams or travel the world.But, generating passive income isn't as straightforward or straightforward as some of the planet's richest people 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're serious about using passive income to increase your wellbeing, 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 like the notion of not needing to do 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 class anticipate personalized support when they encounter a problem. The internet itself is constantly changing.If you aren't doing your part to stay on top of industry changes, client expectations and other responsibilities you'd find in any"busy" business, your passive income will dry up.
You will also probably need to continually fine-tune your idea to help it stay relevant.Passive income nevertheless requires an active presence.Related: 7 Ways to Make Extra Income Even With 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 ideal niche, pick a hosting platform and purchase a domain name simply to get started. Following 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 say, you likely won't be able to do this all in a single weekend.Be willing to take the time to learn the specific opportunities and challenges linked to your thought, 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: Passive 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 you need with 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 encourage your needs.Related: 11 Ways to Make Money While You Sleep4. Property is the safest type of passive see post income.With home and land values increasing at a rapid rate throughout 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 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 land management and other real estate investments seldom generate the ROI investors expect.
Selling a home, 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 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 buy up property.
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Many individuals generate each of the passive income they need by simply putting money in savings and retirement accounts.While such accounts may not seem 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 you should expect a 5 percent return on investment from your retirement accounts each year.That might not sound like much, but since you consistently add to these accounts over time, the expansion can prove significant.