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Many men and women imagine life following passive income as laying on a beach all day without a care in the world. The real point of earning passive income is not to sit around on your butt all day. Its to free up your time to perform more fulfilling ventures.Passive income is liberty.

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An escape in the 9-to-5  project. There are dozens of approaches to generate passive income. Here are our favourite 31. Passive Income: What it is and Why You Want ItThere is a lot of chatter in the personal finance world about passive income, why you need it and how great it is.

This includes royalties from books, movies, or songs and also revenue that comes from real estate investments or business investments in which you dont have to be present to earn it.Some passive income ideas take a degree of upfront work to earn, like writing an e-book and some dont take any effort at all, like investing with a robo advisor.Having passive income flows may not substitute your entire salary in case you were to lose your job but having something coming in is far better than having nothing coming in.

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Sorry, it doesnt usually work like that. While some people make a great living from one form of passive income, its common that you will have small amounts from a couple of different sources coming in.Choose a couple of things that sound interesting to you and try them out. Try to select a few that do need some work as an e-commerce site and some that dont enjoy buying dividend yielding stocks.Something will appear that you enjoy the maximum or is making the most money.

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Put a little time and effort into it. We all hear stories about blogs making thousands of dollars each month but what we dont know is how long and effort went into that blog before it was able to break even, never mind make money.Get our best money lessons:How to Use This ListEach suggestion is ranked by resource how much effort you need to put in up front before you could start seeing some money come in.

You should try out some of the low effort passive income thoughts and one or 2 of those greater attempt ones and determine which work best for you.InvestingInvesting is your ultimate and most accessible type of passive income. You can undoubtedly devote a lot of time to researching companies and markets, but you dont need to do that to invest.

There is no minimum to invest, the prices are low, between 0.25-0.40%, and you dont have to know anything about money or investing to get started. Betterment provides automatic rebalancing and tax reduction harvesting.To make things even simpler, you can set up automatic deposits from your checking account or savings account into your Betterment account.

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As it turns out, Acorns will pay you $5 to begin investing with them for as little as $1. Thats a 500 percent return, plus its likely time you began investing in your future. They even have attributes like round-up and found money which allows you to get free money from places you already shop at.

Chances are the funds in your account are filled with charges and that will scare you because even 1 percent in fees can eat 25 percent of your returns over 30 years.Not only will they slash your fees so that you keep more for retirement, theyll also rebalance your portfolio based on your age and provide open-ended fiduciary grade advice.Want to know whether you should refinance your mortgage Ask them.

Additionally, they will give your retirement accounts a free analysis so if youre of the DIY kind you can just take their advice and go implement it for free.Personal Capital: Personal Capital has a minimum that is out of reach for many of us, $100,000. The fees they charge are also higher than a fellow robo advisers at 0.49-0.89%.

And the more information that you have, the more intelligent your investment decisions will be. You can use Personal Capital to track the performance of your investments across all of your accounts. They also have a 401k fee analyzer. Weve talked in the past about how even seemingly small fees can eat into your retirement accounts.

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Armed with that information, you can move your money to an account with reduced fees, like Vanguard which charges only 0.20percent and has a record of excellent performance.We did a complete overview of Personal Capital and an overview of the 401k fee analyzer because we feel its important.Vanguard: Vanguard has a minimum of $50,000 and a fee of 0.3%.

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