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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 Money FlowFew concepts are somewhat more appealing than passive income. In the end, 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'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 you might pursue entrepreneurial dreams or journey the world.But, generating passive income isn't as straightforward or straightforward as some of the world's richest folks 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 right areas.If you're serious about using passive income to increase your quality of life, you can't afford to fall for these seven persistent myths.1. You can"set and forget" your revenue streams.This is perhaps the most dangerous myth associated with passive income.We like the notion of not needing to perform any additional work after setting up a site or online store.
Blog visitors anticipate new content on a consistent basis. Individuals who enroll in an online course anticipate 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, client expectations and other responsibilities you would find in any"active" business, your passive income will quickly dry up.
Adams, bloggers need to find the right niche, pick a web hosting platform and buy a domain name simply to get started. 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 likely won't be able to find out here do all this in a single weekend.Be willing to take some time to learn the specific opportunities and challenges linked to your thought, and put in the effort to get it right.
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Quality will win over speed every time.Related:Â Serious Entrepreneurs Have 2 Goals: Passive Income and Multiple Revenue Streams3. One solid source of income is 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 like putting all your stock exchange investments into a single company.
By diversifying your revenue flows, you'll have a better likelihood of earning enough to support your needs.Related:Â 11 Ways to Make Money While You Sleep4. Property is the safest type of passive income.With home and property values increasing at a rapid pace across the country, many individuals are falling for the idea that property management and house flipping are straightforward methods 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 property 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:Â 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 get trapped in the idea 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 may not seem as rewarding as an exciting new business idea, they function as a much 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 in the retirement accounts each year.That might not sound like much, but as you consistently add to those accounts as time passes, the expansion can prove significant.