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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 Ideas for Automating Your Money FlowFew concepts are more appealing than passive income. After all, what could be better than making money without having to perform any job 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'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 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 dedicate your own time and investments in the right areas.If you are seriously interested in using passive income to increase your quality of life, you can't manage to fall for those seven persistent truths.1. You can"set and forget" your revenue streams.This is possibly the most dangerous myth associated with passive income.We all like the idea of not needing to perform 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 course anticipate personalized aid 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"busy" business, your passive income will dry up.
Adams, bloggers need to find the ideal niche, choose a hosting platform and purchase 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 good 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 More Info some opportunity to learn the specific opportunities and challenges related to your thought, and put in the effort to get it right.
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Quality will win over speed every time.Related:Â Serious Entrepreneurs Have 2 Goals: Exotic Income and Multiple Revenue Streams3. One solid source of income is you need.Another dangerous myth of passive income is that you can generate all of the money that you need with a single source of revenue. This is like putting all of your stock market investments into a single company.
By diversifying your revenue streams, you'll get a better 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 house and land values increasing at a rapid rate throughout the country, many individuals are falling for the idea that property management and house flipping are straightforward procedures of generating passive income.In reality, successful home management is never really"passive." Property repairs and updates, dealing with bad 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 seldom generate the ROI investors expect.
Selling a home, 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 decent money.When you read about passive income, it can be easy to become trapped in the idea 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 look as lucrative as an exciting new business idea, they function as a far 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 your retirement accounts each year.That may not sound like much, but as you consistently add to these accounts over time, the growth can prove significant.