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Passive income has long been the holy grail for entrepreneurs looking to free up their time, untethering the cord 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 accomplish a respectable amount of money flow from automatically-recurring revenue flows is often too good for most to bear. .

Certainly, it is hard to generate passive income. It requires that the upfront investment of a significant amount of our time, normally with little to no returns for extended intervals. We can go months and even years without a single buck produced from passive income activities, making even the most astute entrepreneur shake their head in utter and utter frustration. .

The fact 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 old, we understand the importance of the time and being able to freely choose what we do with these precious moments we do have in everyday life. .

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All entrepreneurs seek passive income. What only a few know, however, is the way 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. In the end, 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 is only natural to begin wondering how you too can earn money when you are 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 you could pursue entrepreneurial dreams or journey the world.But, generating passive income isn't as simple or straightforward as a few of the planet's richest people can make it appear to be.

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Even more importantly, it demands that you dedicate 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 manage 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 site or online store.

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Website visitors anticipate new content on a consistent basis. People who enroll in an online class expect personalized aid when they encounter a problem. The internet itself is constantly changing.If you aren't doing what you can to remain 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 remain relevant.Passive income nevertheless needs an active presence.Related: 7 Ways to Generate Extra Income Even With a Full-Time Job2. You only need a single weekend to get started.It's simple to assume that anyone can toss together a site or another passive income source in a single weekend.

Adams, bloggers need to find the ideal niche, select a hosting platform and buy 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 state, you probably won't have the ability to do this all in a single weekend.Be willing to take the opportunity to learn the particular opportunities and challenges related to your thought, and put in the effort to get it right.

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Quality will win over link rate every time.Related: Serious Entrepreneurs Have 2 Aims: Exotic 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 with a single source of revenue. This is like putting all your stock market investments into a single company.

By diversifying your revenue flows, you will have a better probability 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 across the country, many individuals are falling for the notion that property management and house flipping are straightforward methods of generating passive income.In fact, effective property 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 expect to generate from such endeavors.It quickly becomes clear that land management and other real estate investments seldom generate the ROI investors expect.

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