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All entrepreneurs seek 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 Suggestions for Automating Your Money FlowFew concepts are more appealing than passive income. After all, what could be better than making money without having to perform any job When you read headlines that Amazon founder Jeff Bezos currently earns over $230,000 each second, it is 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 you could pursue entrepreneurial dreams or travel the world.But, generating passive income isn't as straightforward or straightforward as some of the planet's richest folks can make it appear 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 serious about using passive income to increase your quality of life, 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 all like the idea of not needing to perform any additional work after setting up a site or online store.
Blog visitors expect new content on a consistent basis. People who enroll in an online course anticipate 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 would find in any"active" business, your passive income will quickly dry up.
You will also probably need to continually fine-tune your idea to help it stay relevant.Passive income still requires an energetic 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 blog 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 begin. Following that, they still need to learn about browser caching, SEO, permalinks and more -- and don't forget about writing great content and uploading quality images!Needless to say, you probably won't be able to do all this in a single weekend.Be willing to take the time to learn the particular opportunities and challenges linked 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 strong source of income is all you need.Another dangerous myth of passive income is that you can generate all of the money that you need using a single source of revenue. This is similar to putting all of your stock exchange investments into a single company.
By diversifying your revenue streams, you'll get a greater probability of earning enough to support 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 at a rapid rate throughout the country, many individuals are falling for the notion that property management and informative post home flipping are simple methods of generating passive income.In reality, effective property 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 these endeavors.It quickly becomes clear that land management and other property investments rarely generate the ROI investors anticipate.
Selling a home, rather than attempting to manage it, is ultimately a safer (and easier) 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 become trapped 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 simply by 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 that you ought to expect a 5 percent return on investment in the retirement accounts every year.That might not sound like much, but as you consistently add to these accounts over time, the expansion can prove significant.