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All entrepreneurs seek 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 somewhat more appealing than passive income. In the end, what could be better than making money without having to do any job When you read headlines that Amazon founder Jeff Bezos currently earns more than 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 the 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 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 wellbeing, you can't manage to fall for these seven persistent myths.1. You can"set and forget" your revenue streams.This is possibly the most dangerous myth associated with passive income.We like the idea of not needing to perform any additional work after setting up a site or online store.

Website visitors anticipate new content on a consistent basis. People who enroll in an online course anticipate personalized support when they encounter an issue. The internet itself is constantly changing.If you aren't doing what you can to stay on top of industry changes, client expectations and other responsibilities you'd 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 nevertheless requires an active presence.Related: 7 Ways to Make Extra Income read this article Even Having a Full-Time Job2. You only need a single weekend to get started.It's easy to suppose that anyone can toss together a blog or another passive income source in a single weekend.

Adams, bloggers need to find the right niche, pick a web hosting platform and buy a domain name just to get started. After 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 say, you likely won't be able to do this all in a single weekend.Be willing to take some 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 all you need.Another dangerous myth of passive income is that you can generate all of the money that you need using a single source of revenue. This is click for more like putting all of your stock exchange investments into a single company.

By diversifying your revenue streams, you will get a better probability of earning enough to encourage 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 rate across the country, many individuals are falling for the idea that property management and house flipping are straightforward methods of generating passive income.In fact, effective property management is never truly"passive." Property repairs and upgrades, dealing with poor tenants and other unexpected expenses are surprisingly common, eating away at the income you'd hope to generate from these endeavors.It quickly becomes clear that land management and other property investments seldom generate the ROI investors expect.

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 easy to become caught up in the idea that you need to become an entrepreneur or purchase land.

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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 may not seem as rewarding as an exciting new business ideathey serve as a far lower-risk solution for individuals hoping to have enough to fund their future plans. Most investors say that you should expect a 5 percent return on investment from your retirement accounts every year.That might not sound like much, but since you consistently add to those accounts over time, the expansion can prove to be significant.

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