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All entrepreneurs find 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 Ideas 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 that Amazon founder Jeff Bezos currently earns more than 230,000 each second, it's 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 travel the world.But, generating passive income isn't as simple or straightforward as some of the planet's richest folks can make it appear to be.
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Even more importantly, it demands that you devote your own time and investments in the right areas.If you're serious about using passive income to increase your quality of life, you can't afford to fall for these seven persistent truths.1. You can"set and forget" your revenue streams.This is perhaps the most dangerous myth associated with passive income.We all like the idea of not needing to do any additional work after setting up a site or online store.
Blog visitors expect new content on a consistent basis. Individuals who enroll in an online course anticipate personalized support 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, client expectations and other responsibilities you'd find in any"busy" business, your passive income will dry up.
Adams, bloggers need to find the right niche, pick a web hosting platform and buy 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 web about writing great content and uploading quality images!Needless to say, you probably won't be able to do this all in a single weekend.Be willing to spend 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 more than speed every time.Related:Â Serious Entrepreneurs Have 2 Aims: Passive Income and Multiple Revenue Streams3. One strong source of income would be 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 exchange investments into a single company.
By diversifying your revenue streams, you will have a greater probability of earning enough to encourage your needs.Related:Â 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 methods of generating passive income.In reality, successful home 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'd hope to generate from these endeavors.It quickly becomes evident that property management and other real estate investments seldom generate the ROI investors anticipate.
Selling a home, rather than attempting to manage it, is ultimately a safer (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 easy to become trapped in the idea that you need to become an entrepreneur or purchase property.
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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 look as rewarding as an exciting new business ideathey function as a much lower-risk solution for those 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 since you consistently add to these accounts over time, the expansion can prove significant.