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All entrepreneurs find passive income. What only a few know, however, is the way 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 Cash FlowFew concepts are more appealing than passive income. After all, what could be better than making money without having to perform any work When you read headlines that Amazon founder Jeff Bezos currently earns more than 230,000 per second, it is 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 world'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 ideal areas.If you are serious about 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 perhaps the most dangerous myth connected with passive income.We all like the idea of not needing to do any additional work after setting up a blog or online shop.

Blog visitors anticipate new content on a consistent basis. People 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 your part to remain on top of industry changes, customer expectations and other responsibilities you would find in any"busy" business, your passive income will dry up.

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You will also likely need to continually fine-tune your thought to allow it to remain relevant.Passive income nevertheless needs 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 simple to suppose 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 web hosting platform and purchase a domain name just to begin. 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 opportunity 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 more than speed every time.Related: Serious Entrepreneurs Have 2 Goals: Exotic Income and Multiple Revenue Streams3. One strong source of income would be all you need.Another dangerous myth of passive income is that you can generate 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 will have a better likelihood of earning enough to encourage your needs.Related: 11 Ways to Make Money While You Sleep4. Real estate is the safest type of passive income.With house and land values increasing at a rapid rate across the country, many individuals are falling for the idea that property management and house flipping are simple methods of generating passive income.In fact, 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 hope to generate from such endeavors.It quickly becomes clear that property management and other property 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 on the Side5. You need a business idea special info to earn good money.When you read about passive income, it can be simple to become trapped in the thought that you need to become an entrepreneur or purchase property.

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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 might not seem as rewarding as an exciting new business ideathey 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 may not sound like much, but as you consistently add to these accounts over time, the expansion can prove to be significant.

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