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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 Suggestions for Automating Your Money FlowFew concepts are more appealing than passive income. In the end, what could be better than making money without having to do any work When you browse headlines which Amazon founder Jeff Bezos currently earns more than 230,000 each second, it's only natural to start 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 that you might pursue entrepreneurial dreams or travel the world.But, generating passive income isn't as simple or straightforward as a few of the planet's richest people can make it seem 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 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 perhaps the most dangerous myth connected with passive income.We like the idea of not needing to do any additional work after setting up a site or online shop.
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 your part to stay on top of industry changes, customer expectations and other responsibilities you'd find in any"active" 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 still needs an energetic presence.Related: 7 Ways to Generate 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 throw together a blog or another passive income source in a single weekend.
Adams, bloggers need website here to find the right niche, pick a hosting platform and purchase a domain name simply to begin. 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 state, you probably won't be able to do all this in a single weekend.Be willing to take the opportunity 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 solid source of income would be all you need.Another dangerous myth of passive income is that you can generate all of the money you need with a single source of revenue. This is similar to putting all your stock market investments into a single company.
By diversifying your revenue flows, you'll get a greater likelihood of earning enough to encourage your needs.Related: 11 Ways to Make Money While You Sleep4. Real estate is the safest type of passive income.With house and property values increasing at a rapid pace across the country, many individuals are falling for the notion that property management and house flipping are straightforward procedures of generating passive income.In reality, effective home management is never truly"passive." Property repairs and upgrades, dealing with bad tenants and other unexpected expenses are surprisingly common, eating away at the income you would expect to generate from such endeavors.It quickly becomes evident that property management and other property investments rarely generate the ROI investors anticipate.
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 read about passive income, it can be easy to become trapped 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 simply by putting money in savings and retirement accounts.While such accounts might not seem as rewarding 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 that you ought to expect a 5 percent return on investment from your retirement accounts every year.That may not sound like much, but since you consistently add to these accounts as time passes, the growth can prove significant.