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

An escape from the 9-to-5  job. 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 lot 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 books, movies, 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 thoughts take a degree of upfront work to earn, such as writing an e-book and some dont require any effort at all, such as investing using a robo advisor.Having passive income streams might 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 like that. Though some people today 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 to you and try them out. Try to select a couple that do require some work as an e-commerce site and some that dont like 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 a month but what we dont know is how much time and effort went into that site before it was 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 before you could start seeing some money come in.

You ought to try out a few of the very low effort passive income thoughts and one or 2 of those higher effort ones and determine which work best for you.InvestingInvesting is additional hints 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 this to invest.

There is no minimum to invest, the prices are reduced, between 0.25-0.40%, and you dont need 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 to start investing with them for as little as $1. Thats a 500% return, plus its likely time you began investing for your future. They even have features like round-up and found money which lets you get 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 because even 1 percent in fees can eat 25 percent 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 supply open-ended fiduciary grade advice.Want to know if you have to refinance your mortgage Ask them.

Plus, they will present your retirement accounts a free analysis so if youre of the DIY type you can just click for info take their advice 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 fees they charge will also be higher than some fellow robo advisers 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 throughout all of your accounts. Additionally they also have a 401k fee 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 reduced fees, like Vanguard which charges only 0.20percent and has a record of excellent performance.We did a full review of Personal Capital and an overview of the 401k fee analyzer because we believe its important.Vanguard: Vanguard has a minimum of $50,000 and a commission of 0.3%.