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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 real 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 freedom.

An escape in the 9-to-5  project. There are dozens of approaches 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.

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This includes royalties from books, videos, or songs and also revenue that comes from real estate 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 some dont require any effort in any way, like investing using a robo advisor.Having passive income flows may not replace your entire salary if you should lose your job but having something coming in is much better than having nothing coming in.

It doesnt usually work like that. While some people today make a great living from one kind of passive income, its more common you will have small amounts from a few different sources coming in.Choose a few things that sound interesting to you and try them out. Try to choose a couple that do need any work as an e-commerce site and some that dont enjoy buying dividend yielding stocks.Something will appear that either you enjoy the most or is making the most money.

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Put a little time and effort into it. Most of us hear stories about blogs making thousands of dollars each month but what we dont know is how long and effort went into that site before it managed to break see even, never mind make money.Get our very best money lessons:How next page 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 very low effort passive income ideas and one or two of the greater attempt ones and determine which work best for you.InvestingInvesting is the 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 this to invest.

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There's no minimum to invest, the fees are reduced, 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.

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 started investing for your future. They even have attributes like round-up and found money that allows you to find free money from places you already shop at.

Chances are the funds in your account are loaded with charges and that will scare you because even 1 percent in fees can eat 25 percent 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 Ask them.

Additionally, they will give your retirement accounts a free analysis so if youre of this DIY type you can just take their advice 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 are also greater than some fellow robo advisers at 0.49-0.89%.

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And the more information that 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. They also have a 401k fee analyzer. Weve talked in the past about how even seemingly small fees can eat into your retirement accounts.

Equipped with that information, you can move your money to an account with reduced fees, like Vanguard which charges only 0.20% and has a list of excellent performance.We did a complete 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%.