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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 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 read headlines that Amazon founder Jeff Bezos currently earns more than 230,000 each second, it is only natural to begin 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 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 world's richest folks 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 ideal areas.If you are seriously interested in 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 associated with passive income.We like the notion of not needing to do any additional work after setting up a blog or online shop.
Website visitors anticipate new content on a consistent basis. Individuals who enroll in an online class expect personalized aid 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'd find in any"busy" business, your passive income will dry up.
You will also likely need to continually fine-tune your idea to help it remain relevant.Passive income still requires an energetic presence.Related: 7 Ways to Make Extra Income Even Having a Full-Time Job2. You only need a single weekend to get started.It's easy to suppose that anyone can throw together a blog or another passive income source in a single weekend.
Adams, bloggers need to find the right niche, choose a web official source hosting platform and buy a domain name just to begin. 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 probably won't have the ability to do all this in a single weekend.Be willing to take the time 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 over rate every time.Related: Serious Entrepreneurs Have 2 Aims: Passive Income and Multiple Revenue Streams3. One strong source of income would be 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 like putting all your stock market investments into a single company.
By diversifying your revenue streams, you'll have a greater likelihood of earning enough to encourage your needs.Related: 11 Ways to Make Money While You Sleep4. Property is the safest form of passive income.With home and land values increasing recommended you read at a rapid rate throughout the country, many individuals are falling for the idea that property management and home flipping are simple procedures of generating passive income.In reality, successful home management is never really"passive." Property repairs and upgrades, dealing with bad tenants and other unexpected expenses are surprisingly common, eating away at the income you'd expect to generate from such endeavors.It quickly becomes clear that land management and other real estate investments seldom generate the ROI investors expect.
Selling a property, rather than attempting to manage it, is ultimately a safer (and easier) solution.Related: 3 Great Ways to Make Money blog here on the Side5. You need a business idea to earn decent money.When you read about passive income, it can be easy to get trapped 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 may not look as rewarding as an exciting new business idea, they serve as a much lower-risk solution for those 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 each year.That may not sound like much, but since you consistently add to those accounts as time passes, the growth can prove significant.