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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. Though 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 streams is often too great for many to endure. .

Clearly, it's hard to generate passive income. It requires the upfront investment of a significant amount of our time, normally with little 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 a lot more valuable 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 those precious moments we do have in everyday life. .

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All entrepreneurs find 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 Suggestions for Automating Your Cash FlowFew concepts are more appealing than passive income. In the end, what could be better than making money without having to do any job When you browse headlines that Amazon founder Jeff Bezos currently earns over $230,000 each second, it's only natural to start 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 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 simple or straightforward as some of the world's richest folks can make it appear to be.

Even more importantly, it requires that you dedicate your own time and investments in the right areas.If you are serious about using passive income to increase your wellbeing, you can't afford to fall for check it out these 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 do any additional work after setting up a blog or online shop.

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Website visitors anticipate new content on a consistent basis. People who enroll in an online course anticipate personalized support 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'd find in any"busy" business, your passive income will quickly dry up.

You'll also likely need to continually fine-tune your idea to help it stay relevant.Passive income nevertheless needs an active presence.Related: 7 Ways to Generate Extra Income Even Having a Full-Time Job2. You only need a single weekend for started.It's easy to suppose that anyone can toss together a blog or another passive income source in a single weekend.

Adams, bloggers need to click here to read find the right niche, select a hosting platform and purchase a domain name just 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 take some time to learn important site the specific opportunities and challenges linked to your idea, and put in the effort to get it right.

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Quality will win over rate every time.Related: Serious Entrepreneurs Have 2 Goals: Exotic Income and Multiple Revenue Streams3. One solid source of income would be 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 similar to putting all your stock exchange investments into a single company.

By diversifying your revenue streams, you will have a greater likelihood of earning enough to support your needs.Related: 11 Ways to Make Money While You Sleep4. Property is the safest type of passive income.With house and land values increasing at a rapid pace across the country, many individuals are falling for the notion that property management and home flipping are simple procedures of generating passive income.In reality, successful property management is never truly"passive." Property repairs and upgrades, dealing with poor tenants and other unexpected expenses are surprisingly common, eating away at the income you'd hope to generate from these endeavors.It quickly becomes evident that land management and other real estate investments seldom generate the ROI investors expect.