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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 freedom.

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An escape in the 9-to-5  job. 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 publications, videos, or songs and also revenue that comes from real estate investments or business investments where 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 a few dont require any effort at all, such as investing with 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 couple of different sources coming in.Choose a couple of things that sound interesting for you and try them out. Try to select a few that do require some work as an e-commerce site and some that dont enjoy buying dividend yielding stocks.Something will emerge which either you enjoy the most or is making the most money.

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Put some time and effort into it. Most of us hear stories about sites making thousands of dollars a 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 very 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 a few of the low effort passive income thoughts and one or two of the greater effort ones and determine which work best for you.InvestingInvesting is the greatest and most accessible form 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 is no minimum to invest, the prices are low, between 0.25-0.40 percent, and also you dont need to know anything about money or investing to begin. Betterment offers automatic rebalancing and tax reduction 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, and its probably time you started investing for your future. They even have features like round-up and found money that allows you to find free money from places you already shop at.

Chances are the funds in your account are filled with fees and that will scare you 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, special info 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 Ask them.

Plus, they will present your retirement accounts a free analysis so if youre of the DIY kind you can simply take their advice and go implement it for free.Personal Capital: Personal Capital includes a minimum that's out of reach for many of us, $100,000. The fees they charge will also be higher than some 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 throughout all of your accounts. They also have a 401k fee analyzer. Weve talked in visit the past about how even seemingly tiny fees can eat into your retirement accounts.

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Equipped with this information, you can move your money to an account with lower prices, such as Vanguard which charges only 0.20% and has a record of excellent performance.We did a full 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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