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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 bum all day. Its to spare your time to perform more fulfilling ventures.Passive income is freedom.

An escape in 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 great deal 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 real estate 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 require any effort in any way, like investing with a robo advisor.Having passive income flows may not substitute your entire salary if you were to lose your job but having something coming in is far better than having nothing coming in.

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It doesnt usually work that way. While some people make a great living from one form of passive income, its common that you will have small amounts from a couple of different sources coming in.Choose a few things that sound interesting for you and try them out. Try to select a couple that do require some work as an e-commerce website and a few that dont enjoy buying dividend yielding stocks.Something will appear which either you enjoy the maximum or is making the most money.

Put some time and effort into it. Most of us hear stories about sites making thousands of dollars each month but what we dont know is how much time and effort went into that site before it was her response 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 until you could begin seeing some money come in.

You should try out some of the low effort passive income thoughts and one or two of the greater attempt ones and see which work best for you.InvestingInvesting is your ultimate 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 prices are low, between 0.25-0.40%, and also you dont have 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, plus its likely time you started investing for your future. They even have attributes like round-up and found money which lets you get free money from places you already shop at.

Chances are the funds in your account are filled with charges 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, 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.

Additionally, they will present your retirement accounts a free analysis so if youre of this DIY type you can just take their advice and go implement it yourself, for free.Personal Capital: Personal Capital includes a minimum that is out of reach for many of us, $100,000. The fees they charge are also greater than a fellow robo advisers at 0.49-0.89%.

And the more information you have, the smarter your investment decisions will be. You can use Personal Capital to track 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 small fees can eat into your retirement accounts.

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Equipped with that information, you can move your money to an account with lower fees, like Vanguard which charges just 0.20percent and has a list of excellent performance.We did a full review of Personal Capital and a review of the 401k fee analyzer since we feel its important.Vanguard: Vanguard includes a minimum of $50,000 and a fee of 0.3%.