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

An escape in the 9-to-5  project. 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 great deal 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, movies, or songs and also revenue that comes from property investments or business investments where 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 require any effort in any way, like investing using a robo advisor.Having passive income streams may not substitute your entire salary in case you should lose your job but having something coming in is much better than having nothing coming in.

It doesnt usually work like that. While some people today make a great living from one kind of passive income, its more common that you will have small amounts from a few different sources coming in.Choose a few things that sound interesting to you and try them out. Try to select a few that do need any work as an e-commerce website and some that dont like buying dividend yielding stocks.Something will emerge that either you enjoy the maximum or is making the most money.

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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 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 might start seeing some money come in.

You should try out a few of the very low effort passive income ideas and one or two of the greater effort ones and see which work best for you.InvestingInvesting is the greatest and most accessible form of passive income. You can undoubtedly devote a great deal of time to researching companies and markets, but you dont need 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 begin. Betterment offers automatic rebalancing and tax reduction harvesting.To make things you could try this out even simpler, 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 begin investing together for as little as $1. Thats a 500% return, and its likely time you started investing in your future. They even have features like round-up and found money that allows you to find free money from places you already shop at.

Chances are the funds in your account are loaded with fees and that will scare you because even 1 percent in fees can consume 25 percent of your returns over 30 years.Not only will they slash your fees 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 if you have to refinance your mortgage Ask 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 yourself, for free.Personal Capital: Personal Capital includes a minimum that is out of reach for many of us, $100,000. The prices they charge will also be higher than a fellow robo advisers at 0.49-0.89 percent.

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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 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.

Armed with this information, you can move your money to an account with lower fees, like Vanguard which charges just 0.20% and has a record of excellent performance.We did a complete review of Personal Capital and a review of their 401k fee analyzer because we believe its important.Vanguard: check that Vanguard has a minimum of $50,000 and a commission of 0.3%.