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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 respectable amount of money flow from automatically-recurring revenue flows is often too great for most to endure. .

Certainly, it's hard to generate passive income. It takes 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 actions, making even the most astute entrepreneur shake their head in sheer and utter frustration. .

The truth 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 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 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 Cash FlowFew concepts are somewhat more appealing than passive income. After all, what could be better than making money without having to perform any job When you read headlines that Amazon founder Jeff Bezos currently earns over $230,000 per second, it's 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 might pursue entrepreneurial dreams or travel the world.But, generating passive income isn't as simple or straightforward as some of the world's richest people can make it seem to be.

Even more importantly, it requires that you dedicate 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 truths.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 shop.

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Blog 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 stay on top of industry changes, customer expectations and other responsibilities you would find in any"busy" business, your passive income will dry up.

You'll also likely need to continually fine-tune your thought to allow it to stay relevant.Passive income nevertheless requires 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 site or another passive income source in a single weekend.

Adams, bloggers need to find the right niche, choose a web hosting platform and purchase a domain name simply to get started. 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 say, you likely won't be able to do this all in a single weekend.Be willing to take some 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 speed every time.Related: Serious Entrepreneurs Have 2 Goals: Passive Income and Multiple Revenue Streams3. One solid source of income is special info all you need.Another dangerous myth of passive income is that you can generate all the money you need with a single source of revenue. This is like putting all of your stock exchange 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 type of passive income.With home and property 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 truly"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 clear that property management and other property investments seldom generate the ROI investors expect.