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All entrepreneurs seek 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 Suggestions for Automating Your Cash FlowFew concepts are more appealing than passive income. After all, what could be better than making money without having to do any work When you browse headlines which Amazon founder Jeff Bezos currently earns over $230,000 each second, it is only natural to start wondering how you too can earn money when you are not working.Even if you don't generate as much passive income as Bezos, an additional source of revenue could make it possible for 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 straightforward or straightforward as some of the planet's richest people can make it appear 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 perhaps the most dangerous myth associated with passive income.We like the idea of not needing to do any additional work after setting up a site or online shop.

Website visitors anticipate new content on a consistent basis. Individuals who enroll in an online class 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.

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You will also probably need to continually fine-tune your idea to allow it to stay relevant.Passive income nevertheless needs an energetic presence.Related: 7 Ways to Generate Extra Income Even With a Full-Time Job2. You only need a single weekend to get started.It's simple to assume that anyone can toss together a blog or another passive income source in a single weekend.

Adams, bloggers need to find the right niche, choose a 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 about writing great content and uploading quality images!Needless to state, you probably won't be able to do this all in a single weekend.Be willing to spend 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: Serious Entrepreneurs Have 2 Aims: Exotic Income and Multiple Revenue Streams3. One strong source of income is all you need.Another dangerous myth of passive income is that you can generate all of the money you need using a single source of revenue. This is like putting all of your stock market investments into a single company.

By diversifying your revenue flows, you'll get a better likelihood of earning enough to support your needs.Related: 11 Ways to Make Money While You Sleep4. Real estate is the safest type of passive income.With house and property values increasing at a rapid pace across the country, many individuals are falling for the idea that property management and house flipping are straightforward procedures his response of generating passive income.In fact, effective 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'd hope to generate from these endeavors.It quickly becomes evident that property management and other real estate investments seldom generate the ROI investors expect.

Selling a home, rather than attempting to manage it, is finally a safer (and easier) solution.Related: 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 trapped 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 ideathey function as a far 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 in your retirement accounts each year.That might not sound like much, but since you consistently add to these accounts over time, the growth can prove to be significant.

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