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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 spare your time to do more fulfilling ventures.Passive income is freedom.

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An escape in 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 lot of chatter in the personal finance world about passive income, why you need it and how good it is.

This includes royalties from books, movies, 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 ideas take a degree of upfront work to earn, like writing an e-book and a few dont take any effort in any way, like investing with a robo advisor.Having passive income flows may not substitute your entire salary if 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. Though some people today make a great living from one kind of passive income, its common that you will have small amounts from a few different sources coming in.Choose a couple of 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 either you enjoy the most or will be making the most money.

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Put a little time and effort into it. Most of us 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 very best money lessons:How to Use This ListEach suggestion is ranked by how much effort you need to put in up front until you could start seeing some money come in.

You should try out a few of the very low effort passive income thoughts and one or 2 of those greater effort ones and see which work best for you.InvestingInvesting is your greatest 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 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 account or savings account into your Betterment account.

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As it turns out, Acorns will pay you $5 to start 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 attributes 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 charges and that will scare you because even 1% in fees can eat 25% 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 if 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 just 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 fees they charge are also greater than some fellow robo advisers at 0.49-0.89%.

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

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