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All entrepreneurs find passive income. What only a few know, however, is the way to separate fact 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 somewhat more appealing than passive income. After all, what could be better than making money without having to perform any work When you browse headlines which Amazon founder Jeff Bezos currently earns over $230,000 each second, it's 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 could pursue entrepreneurial dreams or journey the world.But, generating passive income isn't as straightforward or straightforward as some of the world's richest folks 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 are serious about using passive income to increase your quality of life, you can't manage to fall for those seven persistent truths.1. You can"set and forget" your revenue streams.This is possibly the most dangerous myth connected with passive income.We all like the notion of not needing to perform any additional work after setting up a blog or online store.
Blog visitors anticipate new content on a consistent basis. People who enroll in an online course anticipate personalized support when they encounter a problem. The internet itself is constantly changing.If you aren't doing what you can to remain on top of industry changes, client expectations and other responsibilities you would find in any"active" business, your passive income will dry up.
You will also probably need to continually fine-tune your idea to allow it to stay relevant.Passive income still requires an active presence.Related: 7 Ways to Generate Extra Income Even With a Full-Time Job2. You only need a single weekend for started.It's simple to assume that anyone can throw together a site or another passive income source in a single weekend.
Adams, bloggers need to find the right niche, choose a web hosting platform and purchase a domain name just 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 spend the time to learn the particular opportunities and challenges related to your thought, and put in the effort to get it right.
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Quality will win over rate every time.Related: Serious Entrepreneurs Have 2 Goals: Exotic Income and Multiple Revenue Streams3. One solid source of income is all you need.Another dangerous myth of passive income is that you can generate all the money that you need with a single source of revenue. This is like putting all of your stock market investments into a single company.
By diversifying your revenue streams, 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 form of passive income.With home and property values increasing at a rapid pace throughout the country, many individuals are falling for the notion that property management and home flipping are straightforward methods of generating passive income.In reality, effective property management is never truly"passive." Property repairs home and updates, dealing with poor tenants and other unexpected expenses are surprisingly common, eating away at the income you'd expect to generate from these endeavors.It quickly becomes clear that property management and other real estate investments seldom generate the ROI investors expect.
Selling a property, 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 browse 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 all the passive income they need by simply putting money in savings and retirement accounts.While such accounts may not look as lucrative as an exciting new business ideathey function as a much lower-risk solution for individuals 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 every year.That might not sound like much, but as you consistently add to those accounts over time, the growth can prove significant.