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Passive income has long been the holy grail for entrepreneurs looking to free up their time, untethering the string of daily duties and responsibilities in the potential to generate healthy monthly revenues. While the importance of passive income isn't often doubted, the monumental hurdle often needed to achieve a decent amount of cash flow from automatically-recurring revenue streams is often too great for many to bear. .

Certainly, it's difficult to generate passive income. It requires that the upfront investment of a significant amount of the time, usually with little to no returns for extended periods. We can go months and even years without a single dollar generated from passive income actions, making even the most astute entrepreneur shake their head in sheer and utter frustration. .

The truth of the matter is that time is a lot more precious than money. While money can be spent and earned, time can only be spent once, then it has gone forever. As we age and grow older, we understand the importance of time and being able to freely choose what we do with these precious moments we do have in life. .

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All entrepreneurs seek passive income. What only a few know, however, is how to separate fact 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 do any job When you read headlines that Amazon founder Jeff Bezos currently earns over $230,000 each second, it is only natural to begin 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 this 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 right areas.If you're serious about using passive income to increase your quality of life, 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.

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Blog visitors anticipate new content on a consistent basis. People who enroll in an online course expect personalized aid 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, customer expectations and other responsibilities you would find in any"active" business, your passive income will dry up.

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You will also likely need to continually fine-tune your thought to allow it to stay relevant.Passive income nevertheless needs an energetic 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 simple to suppose 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 web 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 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 spend 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: Serious Entrepreneurs Have 2 Aims: Passive 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 have a greater probability of earning enough to support your needs.Related: 11 Ways to Make Money go to website While You Sleep4. Property is the safest type of passive income.With house and land values increasing at a rapid rate throughout the country, many individuals are falling for the notion that property management and home flipping are straightforward methods of generating passive income.In reality, effective home 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 these endeavors.It quickly becomes evident that property management and other real estate investments seldom generate the ROI investors anticipate.

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