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Many people 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 spare your time to perform more fulfilling ventures.Passive income is freedom.

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

This includes royalties from books, videos, or songs and also revenue that comes from property investments or business investments in which you dont have to be present to earn it.Some passive income thoughts take a degree of upfront work to earn, like writing an e-book and some dont require any effort at all, such as investing using a robo advisor.Having passive income streams may not replace your entire salary if you were to lose your job but having something coming in is better than having nothing coming in.

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Sorry, it doesnt usually work that way. Though some people make a fantastic living from one kind of passive income, its common you will have small amounts from a few different sources coming in.Choose a few things that sound interesting for you and try them out. Try to choose a few that do require any work as an e-commerce website and a few that dont enjoy buying dividend yielding stocks.Something will appear which you enjoy the most or will be making the most money.

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Put some time and effort into it. We all hear stories about sites making thousands of dollars each month but what we dont know is how much time 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 how much effort you need to put in up front until you might start seeing some money come in.

You ought to try out a few of the very low effort passive income ideas and one or 2 of the greater attempt ones and see which work best for you.InvestingInvesting is your ultimate and most accessible type of passive income. You can undoubtedly devote lots of time to researching companies and markets, but you dont need to do that to invest.

There's no minimum to invest, the prices are reduced, between 0.25-0.40%, and you dont need to know anything about money or investing to begin. Betterment provides automatic rebalancing and tax loss harvesting.To make things even easier, you can set up automatic deposits from your checking 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 started investing for your future. They even have features like round-up and found money that allows you to get free money from places you already shop at.

Chances are the funds in your account are loaded with fees and that will scare you even 1% in fees can consume 25 percent of your returns over 30 years.Not only will they slash your charges so 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 have to refinance your mortgage Request them.

Additionally, they will give your retirement accounts a free analysis so if youre of the DIY kind you can just take their suggestions 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 greater than a fellow robo advisors at 0.49-0.89 percent.

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

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

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