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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 actual 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 liberty.

An escape from 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 publications, movies, 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, such as writing an e-book and some dont require any effort in any way, such as investing with a robo advisor.Having passive income streams might not replace your entire salary in case you should lose your job but having something coming in is better than having nothing coming in.

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It doesnt usually work like that. While some people today 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 choose a couple that do require some 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 will be making the most money.

Put some time and effort into it. We all hear stories about blogs 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 before you could begin seeing some money come in.

You should try out a few of the very low effort passive income ideas and one or two of the higher effort ones and see which work best for you.InvestingInvesting is the 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 this to invest.

There is no minimum to invest, the prices are reduced, between 0.25-0.40 percent, and you dont need to page know anything about money or investing to begin. Betterment provides automatic rebalancing and tax reduction 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 together for as little as $1. Thats a 500 percent return, and its likely time you started investing for your future. They even have attributes like round-up and found money which lets you find free money from places you already shop at.

Chances are the funds in your account are loaded with fees and that will scare you because even 1% in fees can consume 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 supply 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 this DIY kind you can simply take their suggestions and go implement it for free.Personal Capital: Personal Capital includes a minimum that is out of reach for many of us, $100,000. The prices they charge will also be higher than a fellow robo advisors 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 monitor the performance of your investments across all of your accounts. Additionally they also have a 401k fee 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 lower prices, like Vanguard which charges only 0.20percent and has a record of excellent performance.We did a full review of Personal Capital and a review of their 401k fee analyzer because we feel its important.Vanguard: Vanguard has a minimum of $50,000 and a commission of 0.3%.