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Many people imagine life after 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 perform more fulfilling ventures.Passive income is liberty.

An escape from 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 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 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 thoughts take a degree of upfront work to earn, such as writing an e-book and a few dont take any effort at all, such as investing using a robo advisor.Having passive income flows might not substitute your entire salary if 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 make a fantastic living from one form of passive income, its more common that you will have small amounts from a few 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 some work as an e-commerce website and a few that dont like 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 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 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 could start seeing some money come in.

You ought to try out a few of the very low effort passive income ideas and one or two of those higher effort ones and determine which work best for you.InvestingInvesting is the greatest and most accessible type of passive income. You can undoubtedly devote a lot of time to researching companies and markets, however you dont have to do that 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 loss harvesting.To make things even easier, you can set up automatic deposits from your checking or directory 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, and its probably time you began investing in your future. They even have features like round-up and found money which allows you to get free money from places you already shop at.

Chances are the funds in your account are loaded with fees and that will scare you 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 provide open-ended fiduciary grade advice.Want to know if you should refinance your mortgage Request them.

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Plus, they will give your retirement accounts a free analysis so if youre of this DIY type you can just take their suggestions and go implement it yourself, for free.Personal Capital: Personal Capital includes a minimum that is out of reach for many of us, $100,000. The fees they charge are also greater than some fellow robo advisors 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 across all your accounts. They also have a 401k charge analyzer. We've talked in the past about how even seemingly tiny fees can eat into your retirement accounts.

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