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All entrepreneurs find passive income. What only a few know, however, is the way 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 Cash 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 per 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 make it possible for you to leave the daily grind of this 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 world'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 ideal areas.If you're serious about using passive income to increase your wellbeing, you can't manage to fall for these seven persistent truths.1. You can"set and forget" your revenue streams.This is perhaps the most dangerous myth associated with passive income.We like the notion of not needing to perform any additional work after setting up a blog or online shop.

Website visitors expect new content on a consistent basis. Individuals who enroll in an online class expect personalized aid 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, customer expectations and other responsibilities you'd find in any"active" business, your passive income will dry up.

You'll also likely need to continually fine-tune your thought to allow it to remain relevant.Passive income still needs an energetic presence.Related: 7 Ways to Generate Extra Income Even Having a Full-Time Job2. You only need a single weekend for 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 to find the ideal niche, choose a hosting platform and buy a domain name just 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 say, you probably won't be able to do this all in a single weekend.Be willing to spend 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 Aims: Passive Income and Multiple Revenue Streams3. One solid source of income is you need.Another dangerous myth of passive income is that you can generate all the money you need using a single source of revenue. This is similar to putting all your stock market investments into a single company.

By diversifying your revenue streams, you'll have a greater 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 house and property values increasing at a rapid rate throughout the country, many individuals are falling for the notion that property management and house flipping are simple methods 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, my site eating away at the income you'd expect to generate from such endeavors.It quickly becomes evident that property management and other property investments seldom 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 browse about passive income, it can be easy to get caught up in the thought 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 lucrative as an exciting new business idea, they serve as a far lower-risk solution for individuals hoping to have enough to fund their future plans. Most investors say you ought to 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 expansion can prove significant.