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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 somewhat more appealing than passive income. After all, what could be better than making money without having to perform any job When you browse headlines which 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 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 this 9-to-5 workday so you could pursue entrepreneurial dreams or travel the world.But, generating passive income isn't as simple or straightforward as a few of the planet's richest people 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 wellbeing, 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 connected with passive income.We all like the idea of not needing to perform 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 expect personalized aid when they encounter a problem. 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 ideal niche, choose a web hosting platform and purchase a domain name just to get started. Following 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 this all in a single weekend.Be willing to spend the 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 more than speed every time.Related:Â Serious Entrepreneurs Have 2 Goals: Passive 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 the money you need with a single source of revenue. This is similar to putting all your stock exchange investments into a single company.
By diversifying your revenue streams, you will have a greater likelihood of earning enough to support your needs.Related:Â 11 Ways to Make Money While You Sleep4. Real estate is the safest type of passive income.With house and land values increasing at a rapid pace throughout the country, many individuals are falling for the idea that property management and house flipping are straightforward procedures of generating passive income.In fact, effective home management is never truly"passive." Property repairs and upgrades, dealing with poor 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 property management and other real estate investments seldom generate the see post ROI investors anticipate.
Selling a home, rather than attempting to manage it, is finally 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 read about passive income, it can be easy to get caught up in the idea that you need to become an entrepreneur or purchase 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 may not look as lucrative as an exciting new business idea, they 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 in your retirement accounts every year.That might not sound like much, but since you consistently add to these accounts as time passes, the growth can prove to be significant.