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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 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 read headlines which Amazon founder Jeff Bezos currently earns more than 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 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 some of the planet's richest people can make it seem to be.

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Even more importantly, it demands that you dedicate your own time and investments in the ideal areas.If you are seriously interested in using passive income to increase your wellbeing, you can't afford 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 perform 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 anticipate personalized support 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, client expectations and other responsibilities you would find in any"active" business, your passive income will dry up.

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You will also likely need to continually fine-tune your thought to help it remain relevant.Passive income still needs an active presence.Related: 7 Ways to Generate Extra Income Even Having a Full-Time Job2. You only need a single weekend for started.It's simple to assume that anyone can toss 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 just to get started. After that, they still need to learn about browser caching, SEO, permalinks and much more -- and don't forget about writing good content and uploading quality images!Needless to state, you this hyperlink likely won't have the ability to do all this in a single weekend.Be willing to take 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 speed 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 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 flows, you'll have a greater probability of earning enough to support your needs.Related: 11 Ways to Make Money While You Sleep4. Real estate is the safest type of passive income.With home and land values increasing at a rapid pace throughout the country, many individuals are falling for the notion that property management and house flipping are straightforward procedures 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 hope to generate from these endeavors.It quickly becomes clear that land management and other real estate investments seldom generate the ROI investors anticipate.

Selling a property, rather than attempting to manage it, is finally a safer (and simpler ) solution.Related: 3 Great Ways to Make Money on the Side5. You need a business idea to earn good 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 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 might not look as lucrative as an exciting new business ideathey function as a far lower-risk solution for those hoping to have enough to fund their future plans. Most investors say that you ought to expect a 5 percent return on investment from your retirement accounts every year.That may not visit sound like much, but since you consistently add to these accounts over time, the expansion can prove significant.

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