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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 Cash FlowFew concepts are somewhat more appealing than passive income. After all, what could be better than making money without having to perform any job When you browse headlines that Amazon founder Jeff Bezos currently earns over $230,000 each 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 that you might pursue entrepreneurial dreams or travel the world.But, generating passive income isn't as straightforward or straightforward as a few of the world's richest people can make it seem 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 those seven persistent myths.1. You can"set and forget" your revenue streams.This is perhaps the most dangerous myth connected 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 expect new content on a consistent basis. People who enroll in an online class expect personalized aid when they encounter an issue. The internet itself is constantly changing.If you aren't doing what you can to remain on top of industry changes, client expectations and other responsibilities you'd find in any"busy" business, your passive income will quickly dry up.
You will also likely need to continually fine-tune your thought to help it stay relevant.Passive income still requires an energetic presence.Related: 7 Ways to Generate Extra Income Even Having a Full-Time Job2. You only need a single weekend to get started.It's easy 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, pick a hosting platform and purchase a domain name simply to begin. Following 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 say, you likely won't have the ability to do all this in a single weekend.Be willing to take some opportunity to learn the particular 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 rate every time.Related: Serious Entrepreneurs Have 2 Goals: 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 with a single source of revenue. This is like putting all your stock exchange 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. click to find out more Real estate is the safest form of passive income.With house and property values increasing at a rapid pace across the country, many individuals are falling for the notion that property management and home flipping are straightforward procedures of generating passive income.In fact, successful 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 such endeavors.It quickly becomes evident that land management and other real estate 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 good money.When you browse about passive income, it can be simple to become trapped 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 by simply putting money in savings and retirement accounts.While such accounts may not seem as rewarding 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 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 growth can prove significant.