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All entrepreneurs seek passive income. What only a few know, however, is how 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 job When you read 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're not working.Even in case you don't generate as much passive income as Bezos, an additional source of revenue could allow 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 simple or straightforward as a few of the planet'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 right areas.If you are serious about using passive income to increase your wellbeing, you can't manage to fall for these seven persistent myths.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 store.
Blog visitors expect new content on a consistent basis. Individuals 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.
Adams, bloggers need to find the ideal niche, pick 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 more -- and don't forget about writing good content and uploading quality images!Needless to say, you probably won't have the ability to do this all in a single weekend.Be willing to spend some time 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 Aims: Passive Income and Multiple Revenue Streams3. One solid source of income would be 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 will have a better probability of earning enough to support your needs.Related: 11 Ways to Make Money While You Sleep4. Property is the safest type of passive income.With house and land values increasing at a rapid pace across the country, many individuals are falling for the idea that property management and house flipping are simple methods of generating passive income.In reality, effective property management is never look at here now truly"passive." Property repairs and upgrades, dealing with poor tenants and other unexpected expenses are surprisingly common, eating away at the income you'd expect to generate from these endeavors.It quickly becomes clear that land management and other real estate investments rarely generate the ROI investors anticipate.
Selling a home, 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 caught up in the idea that you need to become an entrepreneur or buy up land.
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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 right here 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 you should 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 these accounts over time, the growth can prove to be significant.