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All entrepreneurs seek passive income. What only a few know, however, is how 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 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 read headlines which Amazon founder Jeff Bezos currently earns over $230,000 each 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 allow you to leave the daily grind of the 9-to-5 workday so that you might pursue entrepreneurial dreams or journey 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 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 manage 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 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, pick a web hosting platform and buy a domain name just to begin. 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 state, you likely won't be able to do all this in a single weekend.Be willing to take the opportunity 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:Â Serious Entrepreneurs Have 2 Goals: Passive Income and Multiple Revenue Streams3. One strong source of income would be all 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 flows, 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 idea that property management and home flipping are straightforward procedures of generating passive income.In reality, successful property management is never truly"passive." Property repairs and updates, dealing with bad tenants and other unexpected expenses are surprisingly common, eating away at the income you would hope to generate from such endeavors.It quickly becomes clear that property management and other real estate investments seldom generate the ROI investors anticipate.
Selling a property, 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 browse about passive income, it can be easy to get trapped in the idea that you need to become an entrepreneur or buy up property.
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Many individuals generate all the go to website passive income they need by simply putting money in savings and retirement accounts.While such accounts might not seem as rewarding as an exciting new business ideathey serve 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 each year.That might not sound like much, but since you consistently add to these accounts over time, the expansion can prove significant.