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All entrepreneurs find passive income. What only a few know, however, is how to separate fact 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 more appealing than passive income. In the end, what could be better than making money without having to perform any job When you browse headlines which Amazon founder Jeff Bezos currently earns over $230,000 per 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 the 9-to-5 workday so you could pursue entrepreneurial dreams or journey the world.But, generating passive income isn't as simple or straightforward as some of the planet'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 right areas.If you're serious about using passive income to increase your quality of life, you can't afford 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 site or online shop.
Website visitors anticipate new content on a consistent basis. Individuals who enroll in an online course anticipate personalized aid 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 likely need to continually fine-tune your idea to allow it to 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 for started.It's easy to suppose that anyone can throw together a site or another passive income source in a single weekend.
Adams, bloggers need to find the ideal niche, choose a web hosting platform and purchase a domain name simply to get started. Following 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 state, you probably won't have the ability to do all this in a single weekend.Be willing to spend some 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 speed every time.Related: Serious Entrepreneurs Have 2 Goals: Exotic Income and Multiple Revenue Streams3. One solid source of income is you need.Another dangerous myth of passive income is that you can generate my explanation all of the money you need using a single source of revenue. This is like putting all of your stock market investments into a single company.
By diversifying your revenue flows, you'll get a better probability of earning enough to support your needs.Related: 11 Ways to Make Money While You Sleep4. Property is the safest type of passive income.With home and land values increasing at a rapid rate across the country, many individuals are falling for the notion that property management and house look at here flipping are simple procedures of generating passive income.In reality, successful home 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 expect to generate from these endeavors.It quickly becomes clear that property management and other property investments seldom generate the ROI investors anticipate.
Selling a home, 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 buy up 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 look as lucrative as an exciting new business idea, they serve 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 in your retirement accounts each year.That may not sound like much, but as you consistently add to those accounts over time, the growth can prove to be significant.