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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 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 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 this 9-to-5 workday so you might pursue entrepreneurial dreams or journey the world.But, generating passive income isn't as simple or straightforward as a few of the planet's richest people can make it appear 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'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 all like the idea of not needing to perform any additional work after setting up a blog or online store.
Website visitors expect new content on a consistent basis. Individuals who enroll in an online course expect personalized support when they encounter an issue. The internet itself is constantly changing.If you aren't doing what you can to remain on top of industry changes, customer 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 thought to help it stay relevant.Passive income still requires an active presence.Related: 7 Ways to Generate Extra Income Even With a Full-Time Job2. You only click for more need a single weekend for started.It's easy 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 to get started. Following that, they still need to learn about browser caching, SEO, permalinks and more -- and don't forget about writing great content and uploading quality images!Needless to say, you probably won't be able to do this all in a single weekend.Be willing to take some opportunity to learn the specific opportunities and challenges related to your idea, 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 Goals: 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 that you need using a single source of revenue. This is like putting all of your stock exchange investments into a single company.
By diversifying your revenue flows, you'll have a greater 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 property values increasing at a rapid pace throughout the country, many individuals are falling for the notion that property management and house flipping are straightforward methods of generating passive income.In fact, successful 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 hope to generate from these endeavors.It quickly becomes clear that property management and other real estate investments rarely generate the ROI investors anticipate.
Selling a property, rather than attempting to manage it, is finally a safer (and easier) solution.Related: 3 Great Ways to Make Discover More Money on the Side5. You need a business idea to earn decent money.When you read about passive income, it can be easy 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 might not look as rewarding as an exciting new business ideathey 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 every year.That may not sound like much, but since you consistently add to these accounts as time passes, the expansion can prove to be significant.