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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 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 favourite 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.

This includes royalties from publications, videos, or songs and additionally revenue that comes from real estate investments or business investments in which you dont need 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 in any way, such as investing with a robo advisor.Having passive income flows might not replace your entire salary if you should 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 today make a great living from one form of passive income, its common that 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 choose a couple that do require any work as an e-commerce site and a few that dont enjoy buying dividend yielding stocks.Something will emerge which you enjoy the most or will be making the most money.

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

You should try out a few Going Here of the very low effort passive income thoughts and one or two of the greater attempt ones and determine which work best for you.InvestingInvesting is the 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 invest, the fees are low, between 0.25-0.40 percent, 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.

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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 percent return, plus its probably time you started investing for 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 filled with charges and that will scare you because even 1% in fees can eat 25 percent 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 supply open-ended fiduciary grade advice.Want to know whether you have to refinance your mortgage Request them.

Additionally, they will present your retirement accounts a free analysis so if youre of this DIY type you can simply take their advice and go implement it yourself, for free.Personal Capital: Personal Capital has a minimum that is out of reach for many of us, $100,000. The fees they charge are also higher than a fellow robo advisers at 0.49-0.89 percent.

And the more information you have, the more intelligent your investment decisions will be. You can use Personal Capital to track his response the performance of your investments across all of your accounts. Additionally 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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Armed with this information, you can move your money to an account with lower fees, such as Vanguard which charges just 0.20% and has a list of excellent performance.We did a complete review of Personal Capital and an overview of their 401k fee analyzer because we feel its so important.Vanguard: Vanguard includes a minimum of $50,000 and a commission of 0.3%.