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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 actual point of earning passive income is not to sit around on your bum 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  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 great deal 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 need 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 take any effort at all, such as investing with a robo advisor.Having passive income streams may not replace your entire salary in case you were to lose your job but having something coming in is better than having nothing coming in.

It doesnt usually work that way. While some people today make a great living from one kind of passive income, its more common that you will have small amounts from a few different sources coming in.Choose a few 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 some that dont enjoy buying dividend yielding stocks.Something will emerge that you enjoy the maximum or is making the most money.

 

 

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Put a little time and effort into it. We all hear stories about blogs making thousands of dollars a month but what we dont know is how long and effort went into his comment is here that blog 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 before you might start seeing some money come in.

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

There is no minimum to invest, the fees are low, between 0.25-0.40 percent, and also you dont have to know anything about money or investing to get started. Betterment provides automatic rebalancing and tax loss harvesting.To make things even easier, 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 you can find out more to start investing with them for as little as $1. Thats a 500 percent return, plus its probably time you started investing for your future. They even have features like round-up and found money which lets you find free money from places you already shop at.

 

 

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Chances are the funds in your account are loaded with charges and that should 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 whether you have to refinance your mortgage Ask them.

 

 

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Plus, they will present 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 is out of reach for many of us, $100,000. The prices they charge are also greater 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 your accounts. 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 this information, you can move your money to an account with reduced fees, like Vanguard which charges just 0.20percent and has a list of excellent performance.We did a full review of Personal Capital and an overview of the 401k fee analyzer since we believe its so important.Vanguard: Vanguard has a minimum of $50,000 and a fee of 0.3%.

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