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Many people imagine life after 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 bum all day. Its to spare your time to do more fulfilling ventures.Passive income is freedom.

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An escape in the 9-to-5  job. There are dozens of approaches to generate passive income. Here are our favorite 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 additionally revenue that comes from property investments or business investments in which you dont need to be present to earn it.Some passive income thoughts take a degree of upfront work to earn, such as writing an e-book and a few dont require any effort in any way, like investing with a robo advisor.Having passive income streams might not substitute your entire salary in case you should 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 fantastic living from one form 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 select a couple that do need any work as an e-commerce website and a few that dont like buying dividend yielding stocks.Something will emerge 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 a month but what we dont know is how long and effort went into that site 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 before you might begin seeing some money come in.

You ought to try out some of the very low effort passive income thoughts and one or two of the greater attempt ones and determine which work best for you.InvestingInvesting is your greatest read and most accessible type of passive income. You can undoubtedly devote lots of time to researching companies and markets, but you dont have to do that to invest.

There is no minimum to invest, the fees are low, between 0.25-0.40 percent, and also you dont need to know anything about money or investing to begin. Betterment provides automatic rebalancing and tax reduction harvesting.To make things even simpler, 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, and its probably time you started investing in 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 should scare you because even 1 percent in fees can eat 25% 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 if you have to refinance your mortgage Ask them.

Plus, they will present company website your retirement accounts a free analysis so if youre of the DIY type you can simply take their advice and go implement it yourself, for free.Personal Capital: Personal Capital has a minimum that's out of reach for many of us, $100,000. The prices they charge are also higher than some fellow robo advisors at 0.49-0.89 percent.

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

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Armed with this information, you can move your money to an account with lower prices, like Vanguard which charges just 0.20percent and has a record of excellent performance.We did a full review of Personal Capital and a review of the 401k fee analyzer because we believe its so important.Vanguard: Vanguard has a minimum of $50,000 and a fee of 0.3%.

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