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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 perform any work When you browse headlines that Amazon founder Jeff Bezos currently earns over $230,000 each 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 could 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're serious about using passive income to increase your quality of life, you can't afford to fall for those 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 blog or online shop.
Blog visitors anticipate new content on a consistent basis. Individuals who enroll in an online course expect personalized support when they encounter an issue. 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"active" business, your passive income will quickly dry up.
Adams, bloggers need to find the right niche, choose a hosting platform and buy a domain name simply to begin. After 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 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 rate every time.Related:Â Serious Entrepreneurs Have 2 Goals: Passive Income and Multiple Revenue Streams3. One solid source of income is all you need.Another dangerous myth of passive income is that you can generate all the money you need using useful source a single source of revenue. This is similar to putting all of your stock market investments into a single company.
By diversifying your revenue streams, 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 type of passive income.With home and property values increasing at a rapid rate across the country, many individuals are falling for the idea that property management and house flipping are simple procedures of generating passive income.In fact, successful property management is never really"passive." Property repairs and updates, dealing with poor tenants and other unexpected expenses are surprisingly common, eating away at the income you'd hope to generate from such endeavors.It quickly becomes clear that land management and other real estate investments rarely generate the ROI investors anticipate.
Selling a property, rather than attempting to manage it, is ultimately a safer (and easier) solution.Related:Â 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 easy to get trapped in the thought that you need to become an entrepreneur or purchase land.
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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 look as rewarding as an exciting new business ideathey serve as a far lower-risk solution for individuals hoping to have enough to fund their future plans. Most investors say that you should expect a 5 percent return on investment from the retirement accounts every year.That may not sound like much, but as you consistently add to those accounts as time passes, the growth can prove significant.