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All entrepreneurs seek 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 somewhat more appealing than passive income. After all, what could be better than making money without having to do any work When you browse headlines that Amazon founder Jeff Bezos currently earns more than 230,000 per 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 that you could pursue entrepreneurial dreams or journey the world.But, generating passive income isn't as simple or straightforward as a few of the planet's richest people can make it appear to be.
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Even more importantly, it demands that you devote your own time and investments in the ideal areas.If you're seriously interested in 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 all like the idea of not needing to do any additional work after setting up a blog or online store.
Blog visitors expect new content on a consistent basis. People who enroll in an online class expect personalized support 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 would 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 stay relevant.Passive income still needs an energetic presence.Related: 7 Ways to Make Extra Income Even With a Full-Time Job2. You only need a single weekend for started.It's simple to assume that anyone can toss together a site 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 simply to get started. After that, they still these details 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 likely won't have the ability to do this all 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 over rate 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 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 flows, you will have a better likelihood of earning Get More Information 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 home flipping are simple methods of generating passive income.In fact, successful home management is never truly"passive." Property repairs and updates, dealing with poor tenants and other unexpected expenses are surprisingly common, eating away at the income you would expect to generate from such endeavors.It quickly becomes evident that land 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 decent money.When you read about passive income, it can be simple to become caught up in the idea that you need to become an entrepreneur or purchase property.
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Many individuals generate each of the passive income they need simply by putting money in savings and retirement accounts.While such accounts might not seem as lucrative as an exciting new business ideathey function as a far lower-risk solution for individuals hoping to have enough to fund their future plans. Most investors say that you should expect a 5 percent return on investment from the retirement accounts each year.That may not sound like much, but since you consistently add to those accounts over time, the expansion can prove significant.