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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 real point of earning passive income is not to sit around on your bum all day. Its to spare your time to perform more fulfilling ventures.Passive income is freedom.

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.

This includes royalties from publications, movies, or songs and also revenue that comes from property investments or business investments in which you dont need 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 with a robo advisor.Having passive income streams might not substitute your entire salary in case 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 like that. Though some people make a fantastic living from one kind of passive income, its common you will have small amounts from a couple of different sources coming in.Choose a few things that sound interesting to you and try them out. Try to select a couple that do need some work as an e-commerce site and a few that dont enjoy buying dividend yielding stocks.Something will emerge which either you enjoy the maximum or is making the most money.

Put some time and effort into it. We all hear stories about blogs making thousands of dollars a 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 until you could start seeing some money come in.

You ought to try out some of the very low effort passive income thoughts and one or two of the higher effort ones and determine which work best for you.InvestingInvesting is the ultimate and most accessible form of passive income. You can undoubtedly devote a lot of time to researching companies and markets, but you dont need to do that to invest.

There's no minimum to invest, the fees are low, between 0.25-0.40%, and also you dont need to know anything about money or investing to begin. Betterment provides automatic rebalancing and tax reduction 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, and its probably time you started investing for your future. They even have attributes like round-up and found money that allows you to get free money from places you already shop at.

Chances are the funds in your account are filled with fees and that will scare you even 1% in fees can eat 25% 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 whether you should refinance your mortgage Request them.

Plus, 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 for free.Personal Capital: Personal Capital has a anchor minimum that is 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%.

And the more information you have, the more intelligent your investment decisions will be. You can use Personal Capital to track the performance of your investments across all of your accounts. 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 reduced fees, like 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 because we believe its so important.Vanguard: Vanguard includes a minimum of $50,000 and a fee of 0.3%.