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Many men and women 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 butt all day. Its to free up your time to do more fulfilling ventures.Passive income is liberty.

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

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This includes royalties from publications, movies, or songs and additionally revenue that comes from property investments or business investments where 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 a few dont require any effort at all, such as investing with a robo advisor.Having passive income flows might not replace your entire salary in case you were to lose your job but having something coming in is far better than having nothing coming in.

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 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 need some work as an e-commerce website and a few that dont enjoy buying dividend yielding stocks.Something will emerge which you enjoy the maximum or is making the most money.

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Put a little 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 long and effort went into that site before it managed 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 begin seeing some money come in.

You should try out some of the low effort passive income ideas and one or two of those greater effort ones and determine which work best for you.InvestingInvesting is the greatest 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 you dont have to review know anything about money or investing to get started. Betterment offers automatic rebalancing and tax loss harvesting.To make things even simpler, you can set up automatic deposits from your checking or savings account into your Betterment account.

As it turns out, Acorns will pay you $5 to start investing together for as little as $1. Thats a 500 percent return, plus its likely time you began 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.

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Chances are the funds in your account are filled with fees and that will scare you even 1% in fees can eat 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 supply open-ended fiduciary grade advice.Want to know if you have to refinance your mortgage Ask them.

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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 yourself, for free.Personal Capital: Personal Capital includes a minimum that's 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 you have, the more intelligent your investment decisions will be. You can use Personal Capital to monitor the performance of your investments throughout 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 that 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 complete review of Personal Capital and an overview of their 401k fee analyzer because we feel its important.Vanguard: Vanguard includes a minimum of $50,000 and a commission of 0.3%.

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