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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 more appealing than passive income. In the end, what could be better than making money without having to do any work When you read headlines that Amazon founder Jeff Bezos currently earns over $230,000 per 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 you might pursue entrepreneurial dreams or travel the world.But, generating passive income isn't as simple or straightforward as some of the world'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 ideal areas.If you're seriously interested in 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 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 anticipate new content on a consistent basis. Individuals who enroll in an online course expect 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, customer 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, choose a web hosting platform and purchase a domain name simply to begin. After that, they still need to learn about browser caching, SEO, permalinks and more -- and don't forget about writing good content go to the website and uploading quality images!Needless to state, you likely won't have the ability to do all this in a single weekend.Be willing to take some opportunity to learn the particular opportunities and challenges related 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 Goals: Exotic Income and Multiple Revenue Streams3. One strong source of income would be you need.Another dangerous Look At This myth of passive income is that you can generate all of the money you need with a single source of revenue. This is similar to putting all your stock market investments into a single company.
By diversifying your revenue flows, you'll have 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 home flipping are simple methods of generating passive income.In fact, successful property 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 would hope to generate from such endeavors.It quickly becomes clear that land management and other real estate investments rarely generate the ROI investors expect.
Selling a property, 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 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 each of the passive income they need simply by putting money in savings and retirement accounts.While such accounts may not seem as rewarding as an exciting new business ideathey serve as a much 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 the retirement accounts every year.That may not sound like much, but since you consistently add to those accounts over time, the expansion can prove to be significant.