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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 Ideas for Automating Your Cash 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 browse headlines which Amazon founder Jeff Bezos currently earns more than 230,000 per second, it is 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 that you could pursue entrepreneurial dreams or travel the world.But, generating passive income isn't as simple 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 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 perhaps the most dangerous myth connected with passive income.We 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 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, client expectations and other responsibilities you'd find in any"busy" business, your passive income will quickly dry up.
Adams, bloggers need to find the right 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 much more -- and don't forget about writing good content and uploading quality images!Needless to say, you likely won't have the ability to do this all in a single weekend.Be willing to take the time to learn the specific 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 Aims: Exotic 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 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:Â 11 Ways to Make Money While You Sleep4. Real estate is the safest form of passive income.With home and property values increasing at a rapid rate across the country, many individuals are falling for the notion that property management and house flipping are simple procedures of generating passive income.In reality, 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 would hope to generate from such endeavors.It quickly becomes clear that land management and other his response real estate investments seldom generate the ROI investors anticipate.
Selling a home, rather than attempting to manage it, is finally a safer (and simpler ) solution.Related:Â 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 thought that you need to become an entrepreneur or buy up 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 may not seem as rewarding as an exciting new business ideathey function as a much 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 the retirement accounts every year.That may not sound like much, but as you consistently add to these accounts over time, the expansion can prove to be significant.