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All entrepreneurs find 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 Cash 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 browse 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're not working.Even in case 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 could 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 seem 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 are seriously interested in using passive income to increase your wellbeing, you can't afford to fall for these seven persistent myths.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 do any additional work after setting up a blog or online store.

Website visitors anticipate new content on a consistent basis. People 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 stay on top of industry changes, client expectations and other responsibilities you'd find in any"busy" business, your passive income will quickly dry up.

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You will also likely need to continually fine-tune your idea to allow it to stay relevant.Passive income still requires an active presence.Related: 7 Ways to Make Extra Income Even Having a Full-Time Job2. You only need a single weekend for started.It's easy to suppose that anyone can toss together a blog or another passive income source in a single weekend.

Adams, bloggers need to find the ideal niche, choose a hosting platform and purchase 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 say, you likely won't be able to do this all in a single weekend.Be willing to take the time to learn the specific 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: Serious Entrepreneurs Have 2 Goals: Passive Income and Multiple Revenue Streams3. One solid 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 using a single source of revenue. This is similar to putting all of your stock market investments into a single company.

By diversifying your revenue streams, you will get a better probability of earning enough to encourage your needs.Related: 11 Ways to Make Money While You Sleep4. Real estate is the safest form of passive income.With house and property values increasing at a rapid rate across the country, many individuals are falling for the idea that property management and house flipping are simple procedures of generating passive income.In reality, effective property management is never really"passive." Property repairs and upgrades, dealing with poor tenants and other unexpected expenses official source are surprisingly common, eating away at the income you would hope to generate from these endeavors.It quickly becomes evident that land management and other real estate investments seldom generate the ROI investors anticipate.

Selling a property, rather than attempting to manage it, is ultimately a safer (and easier) solution.Related: 3 Great Ways to Make Money on the Side5. You need a business idea to earn decent money.When you browse about passive income, it can be easy to become caught up in the idea that you need to become an entrepreneur or purchase land.

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Many individuals generate each of the passive income they need by simply putting money in savings and retirement accounts.While such accounts might not look as lucrative as an exciting new business idea, they 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 as you consistently add to those accounts as time passes, the growth can prove significant.

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