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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 from the potential to generate healthy monthly revenues. Though the importance of passive income isn't often doubted, the monumental hurdle often required to achieve a respectable amount of cash flow from automatically-recurring revenue flows is often too good for most to endure. .

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

The fact of the matter is that time is far more precious than money. While money can be spent and earned, time can only be spent once, then it's 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 those precious moments we do have in life. .

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All entrepreneurs find passive income. What only a few know, however, is the way 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 Money FlowFew concepts are 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's only natural to begin 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 this 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 planet's richest people can make it seem to be.

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Even more importantly, it requires that you devote your own time and investments in the right areas.If you're serious about using passive income to increase your wellbeing, you can't manage to fall for these seven persistent myths.1. You can"set and forget" your revenue streams.This is perhaps the most dangerous myth associated with passive income.We all like the notion of not needing to do any additional work after setting up a site or online store.

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Website visitors expect 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 your part to stay on top of industry changes, customer expectations and other responsibilities you would find in any"busy" business, your passive income will quickly dry up.

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You will also likely need to continually fine-tune your thought to help it stay relevant.Passive income Get More Information 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 easy 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, choose a web hosting platform and purchase a domain name simply to begin. After 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 likely won't be able to do all this in a single weekend.Be willing to spend the opportunity to learn the specific opportunities and challenges related to your idea, 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 Goals: Exotic Income and Multiple Revenue Streams3. One solid source of income would be 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 exchange 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 Home Page Make Money While You Sleep4. Real estate is the safest form of passive income.With home 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 reality, effective home 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'd hope to generate from such endeavors.It quickly becomes evident that land management and other real estate investments seldom generate the ROI investors anticipate.

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