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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 bum all day. Its to free up your time to perform more fulfilling ventures.Passive income is liberty.

An escape in the 9-to-5  job. 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 lot of chatter in the personal finance world about passive income, why you need it and how good it is.

This includes royalties from publications, videos, or songs and additionally 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 some dont take any effort at all, such as investing using a robo advisor.Having passive income streams may not substitute your entire salary if you were to lose your job but having something coming in is better than having nothing coming in.

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Sorry, it doesnt usually work that way. Though some people make a great living from one form 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 for you and try them out. Try to select a few that do need any work as an e-commerce website and a few that dont like buying dividend yielding stocks.Something will emerge which you enjoy the maximum or is making the most money.

Put a little time and effort into it. We all hear stories about sites making thousands of dollars a month but what we dont know is how much time 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 before you could begin seeing some money come in.

You should try out some of the very low effort passive income ideas and one or two of those greater effort ones and see which work best for you.InvestingInvesting is the ultimate and most accessible type of passive income. You can undoubtedly devote a lot of time to researching companies and markets, but you dont have to do this to invest.

There is no minimum to invest, the fees are reduced, between 0.25-0.40 percent, and you dont have to know anything about money or investing to begin. Betterment offers 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.

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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 probably time you began investing in your future. They even have attributes like round-up and found money which lets you find free money from places you already shop at.

Chances are the funds in your account are loaded with fees and that should scare you even 1% in fees can consume 25% of your returns over 30 years.Not only will they slash your charges 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 whether you have to refinance your mortgage Request them.

Additionally, they will give your retirement accounts a free analysis so if youre of the DIY kind you can simply take their advice and go implement it for free.Personal Capital: Personal Capital includes a minimum that's out of reach for many of us, $100,000. The fees they charge will also be greater than some fellow robo advisors at 0.49-0.89 percent.

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 of your accounts. Additionally they also have a 401k charge analyzer. Weve talked my sources 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 reduced fees, such as Vanguard which charges only 0.20% and has a list of excellent performance.We did a complete overview of Personal Capital and a review of their 401k fee analyzer since we feel its important.Vanguard: Vanguard includes a minimum of $50,000 and a commission of 0.3%.