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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 Cash FlowFew concepts are more appealing than passive income. After all, what could be better than making money without having to do any work When you browse 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're not working.Even if 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 journey 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 demands that you dedicate your own time and investments in the right areas.If you are 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 idea 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. Individuals who enroll in an online course 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.
Adams, bloggers need to find the right niche, pick a hosting platform and buy a domain name just to begin. After 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 say, you probably won't have the ability to do this all in a single weekend.Be willing to spend 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:Â Serious Entrepreneurs Have 2 Aims: 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 that you need using a single source of revenue. This is similar to putting all of your stock market investments into a single company.
By diversifying your revenue flows, you'll have a greater likelihood of earning enough to support your needs.Related:Â 11 Ways to Make Money While You Sleep4. Property is the safest form 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 view website and house flipping are simple procedures of generating passive income.In reality, successful property management is never truly"passive." Property repairs and updates, dealing with poor tenants and other unexpected expenses are surprisingly common, eating away at the income you would hope to generate from these endeavors.It quickly becomes evident that land management and other property investments seldom generate the ROI investors anticipate.
Selling a property, rather than attempting to manage it, is ultimately a safer the original source (and simpler ) 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 thought that you need to become an entrepreneur or buy up land.
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Many individuals generate all the passive income they need by simply putting money in savings and retirement accounts.While such accounts might not seem as rewarding as an exciting new business idea, they function as a much lower-risk solution for individuals hoping to have enough to fund their future plans. Most investors say 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 over time, the growth can prove to be significant.