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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. Though the importance of passive income isn't often doubted, the monumental hurdle often required to accomplish a respectable amount of money flow from automatically-recurring revenue streams is often too good for most to endure. .

Clearly, it is 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 dollar generated 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 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 older, we understand the importance of the time and being able to freely choose what we do with these precious moments that we do have in 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 Suggestions for Automating Your Cash FlowFew concepts are more appealing than passive income. After all, what could be better than making money without having to do any job When you browse headlines which Amazon founder Jeff Bezos currently earns more than 230,000 each second, it is only natural to begin wondering how you too can earn money when you're 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 you might pursue entrepreneurial dreams or travel the world.But, generating passive income isn't as straightforward or straightforward as some of the world's richest people can make it seem to be.

Even more importantly, it requires that you devote your own time and investments in the right areas.If you are seriously interested in using passive income to increase your quality of life, you can't manage 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 all like the notion of not needing to do any additional work after setting up a blog or online store.

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Website visitors anticipate new content on a consistent basis. Individuals who enroll in an online course expect personalized support when they encounter a problem. The internet itself is constantly changing.If you aren't doing your part to remain on top of industry changes, client expectations and other responsibilities you would find in any"active" business, your passive income will quickly dry up.

You'll also probably need to continually fine-tune your idea to allow it to stay relevant.Passive income still requires an active presence.Related: 7 Ways to Generate Extra Income Even With a Full-Time Job2. You only need a single weekend for started.It's simple to assume that anyone can throw together a blog or another passive income source in a single weekend.

Adams, bloggers need to find the right niche, select a hosting platform and purchase 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 good content and uploading quality images!Needless to state, you likely won't be able to do this all in a single weekend.Be willing to spend some opportunity to learn the particular opportunities and challenges related to your thought, and put in his response 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 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 market investments into a single company.

By diversifying your revenue flows, you will get a better 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 home and land values increasing at a rapid rate across the country, many individuals are falling for the notion that property management and home flipping are simple procedures of generating passive income.In fact, effective home management is never really"passive." Property repairs and updates, dealing with bad tenants and other unexpected expenses are surprisingly common, eating away at the income you'd expect to generate from such endeavors.It quickly becomes evident that land management and other real estate investments rarely generate the ROI investors anticipate.