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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 more than 230,000 per 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 some of the world's richest people can make it appear to be.

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Even more importantly, it requires that you dedicate your own time and investments in the right 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 notion of not needing to perform any additional work after setting up a site or online store.

Website visitors anticipate new content on a consistent basis. Individuals who enroll in an online course expect personalized aid when they encounter an issue. 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.

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You will also probably need to continually fine-tune your idea to allow it to remain relevant.Passive income nevertheless needs 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 assume that anyone can throw together a site 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 get try this website started. After that, they read the article 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 take the opportunity to learn the particular opportunities and challenges related to your idea, and put in the effort to get it right.

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Quality will win over speed every time.Related: Serious Entrepreneurs Have 2 Goals: Passive Income and Multiple Revenue Streams3. One strong source of income would be 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 your stock exchange investments into a single company.

By diversifying your revenue streams, you'll have a greater likelihood of earning enough to support your needs.Related: 11 Ways to Make Money While You Sleep4. Property is the safest form of passive income.With house and property values increasing at a rapid pace throughout the country, many individuals are falling for the notion that property management and house flipping are straightforward methods of generating passive income.In reality, successful home management is never really"passive." Property repairs and upgrades, dealing with poor 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 official statement land management and other property investments rarely generate the ROI investors anticipate.

Selling a home, 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 read about passive income, it can be easy to become caught up in the idea that you need to become an entrepreneur or buy up land.

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Many individuals generate all the passive income they need simply by putting money in savings and retirement accounts.While such accounts might not seem as rewarding as an exciting new business idea, they serve as a much lower-risk solution for individuals hoping to have enough to fund their future plans. Most investors say you should expect a 5 percent return on investment from the retirement accounts each year.That might not sound like much, but as you consistently add to those accounts over time, the growth can prove to be significant.

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