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All entrepreneurs seek 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 Money 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 browse headlines that Amazon founder Jeff Bezos currently earns over $230,000 per second, it's only natural to begin wondering how you too can earn money when you are 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 that you might pursue entrepreneurial dreams or travel the world.But, generating passive income isn't as simple 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 ideal areas.If you are serious about using passive income to increase your wellbeing, you can't afford to fall for these seven persistent myths.1. You can"set and forget" your revenue streams.This is possibly the most dangerous myth connected with passive income.We all like the notion of not needing to do any additional work after setting up a site or online store.
Blog visitors anticipate new content on a consistent basis. People who enroll in an online course anticipate personalized aid when they encounter a problem. The internet itself is constantly changing.If you aren't doing what you can to remain on top of industry changes, customer expectations and other responsibilities you'd find in any"busy" business, your passive income will dry up.
You'll also probably need to continually fine-tune your thought to allow it to stay relevant.Passive income still requires an energetic presence.Related: 7 Ways to Make 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 blog or another passive income source in a single weekend.
Adams, bloggers need to find the right explanation niche, pick a hosting like it platform and purchase 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 state, you probably won't be able to do all this in a single weekend.Be willing to take the opportunity to learn the specific opportunities and challenges linked to your idea, 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 Aims: Passive Income and Multiple Revenue Streams3. One solid 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 with a single source of revenue. This is like putting all of your stock exchange investments into a single company.
By diversifying your revenue flows, you will have a better probability of earning enough to encourage your needs.Related: 11 Ways to Make Money While You Sleep4. Real estate is the safest form of passive income.With house and land values increasing at a rapid rate throughout the country, many individuals are falling for the notion that property management and house flipping are simple procedures of generating passive income.In fact, effective property management is never truly"passive." Property repairs and updates, dealing with bad tenants and other unexpected expenses are surprisingly check out this site common, eating away at the income you'd expect to generate from such endeavors.It quickly becomes evident that property management and other real estate investments rarely generate the ROI investors anticipate.
Selling a home, 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 to earn good money.When you read about passive income, it can be easy to become caught up in the thought 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 might not look as rewarding as an exciting new business ideathey serve as a much 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 every year.That might not sound like much, but as you consistently add to these accounts over time, the growth can prove significant.