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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 Money FlowFew concepts are somewhat more appealing than passive income. After all, what could be better than making money without having to do any work When you read headlines which 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 are 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 journey the world.But, generating passive income isn't as simple or straightforward as a few of the world's richest folks can make it seem 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 serious about using passive income to increase your wellbeing, you can't afford to fall for those seven persistent myths.1. You can"set and forget" your revenue streams.This is perhaps the most dangerous myth connected with passive income.We like the notion of not needing to perform any additional work after setting up a blog or online shop.

Website visitors anticipate new content on a consistent basis. People 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'd find in any"busy" business, your passive income will quickly dry up.

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

Adams, bloggers need to find the right niche, pick a hosting platform and buy a domain name simply to begin. Following that, they still need to learn about browser caching, SEO, permalinks and more -- and don't forget about writing good content 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 time to learn the particular opportunities and challenges linked 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 Aims: Exotic 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 with a single source of revenue. This is similar to putting all of your stock exchange investments into a single company.

By diversifying your revenue streams, you will have a greater likelihood of earning enough to support your needs.Related: 11 Ways to Make Money While You Sleep4. Real estate is the safest form of passive income.With house and land values increasing at a rapid pace across the country, many individuals are falling for the idea that property management and house flipping are simple methods of generating passive income.In fact, effective property management is never truly"passive." Property repairs and updates, dealing with poor 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 property 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 good money.When you read about passive income, it can be easy to become caught up in the thought Continue 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 may not seem as rewarding as an exciting new business ideathey 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 in the retirement accounts each year.That may 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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