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All entrepreneurs find passive income. What only a few know, however, is how 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 Cash FlowFew concepts are somewhat more appealing than passive income. In the end, what could be better than making money without having to perform any work When you read headlines which 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 are not working.Even in case 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 this 9-to-5 workday so you could pursue entrepreneurial dreams or journey the world.But, generating passive income isn't as simple or straightforward as some of the planet's richest folks can make it seem to be.

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Even more importantly, it demands that you devote your own time and investments in the ideal areas.If you are seriously interested in using passive income to increase your quality of life, you can't manage to fall for these seven persistent truths.1. You can"set and forget" your revenue streams.This is possibly the most dangerous myth associated with passive income.We like the notion of not needing to do any additional work after setting up a site or online shop.

Website visitors anticipate new content on a consistent basis. Individuals who enroll in an online course anticipate personalized support when they encounter an issue. The internet itself is constantly changing.If you aren't doing your part to remain on top of industry changes, customer expectations and other responsibilities you would find in any"busy" business, your passive income will quickly dry up.

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You will also likely need to continually fine-tune your thought to help it remain relevant.Passive income still needs an energetic presence.Related: 7 Ways to Generate Extra Income Even Having a Full-Time Job2. You only need a single weekend to get started.It's easy to suppose that anyone can toss together a site or another passive income source in a single weekend.

Adams, bloggers need to find the right niche, pick a hosting platform and purchase a domain name just to get started. After 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 probably won't be able to do all this in a single weekend.Be willing to spend some time to learn the particular 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 image source you need.Another dangerous myth of passive income is that you can generate all the money that you need with a single source of revenue. This is like putting all your stock market investments into a single company.

By diversifying your revenue streams, you'll have a greater likelihood of earning enough to encourage your needs.Related: 11 Ways to Make Money While You Sleep4. Property 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 home flipping are simple methods of generating passive income.In fact, effective property management is never really"passive." Property repairs and upgrades, 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 clear that property management and other property investments seldom generate the ROI investors expect.

Selling a property, rather than attempting to manage it, is ultimately a safer (and easier) solution.Related: 3 Our site 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 thought that you need to become an entrepreneur or purchase land.

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Many individuals generate each of the passive income they need simply by putting money in savings and retirement accounts.While such accounts might not seem as rewarding as an exciting new business ideathey function as a far lower-risk solution for those 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 might not sound like much, but as you home consistently add to those accounts over time, the expansion can prove to be significant.

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