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Many people 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 butt all day. Its to free up your time to do more fulfilling ventures.Passive income is freedom.

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 great it is.

This includes royalties from publications, videos, 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 ideas take a degree of upfront work to earn, such as writing an e-book and some dont require any effort at all, like investing using a robo advisor.Having passive income streams might not substitute your entire salary in case 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 make a fantastic living from one kind of passive income, its more 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 any work as an e-commerce website and some that dont like buying dividend yielding stocks.Something will emerge which either you enjoy the most 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 long and effort went into that blog 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 might start seeing some money come in.

You ought to try out some of the low effort passive income thoughts and one or 2 of the greater attempt ones and see which work best for you.InvestingInvesting is your greatest and most accessible form of passive income. You can undoubtedly devote a lot of time to researching companies and markets, but you dont have to do that to invest.

There's no minimum to investthe prices are low, between 0.25-0.40%, and you dont need to know anything about money or investing to get started. Betterment offers 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 start investing with them for as little as $1. Thats a 500% return, plus its likely time you began investing More Help for your future. They even have features like round-up and found money that lets you 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 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 provide open-ended fiduciary grade advice.Want to know if you have to refinance your mortgage Request them.

Plus, 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 has a minimum that's out of reach for many of us, $100,000. The prices they charge are also higher than some fellow robo advisers at 0.49-0.89 percent.

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 throughout all of your accounts. 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 fees, like Vanguard which charges just 0.20% and has a record of excellent performance.We did a full overview of Personal More about the author Capital and a review of their 401k fee analyzer since we feel its so important.Vanguard: Vanguard includes a minimum of $50,000 and a commission of 0.3%.