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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 spare your time to do more fulfilling ventures.Passive income is liberty.

An escape in the 9-to-5  project. 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 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 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 a few dont take any effort in any way, such as investing with a robo advisor.Having passive income flows may not substitute your entire salary if you were to lose your job but having something coming in is better than having nothing coming in.

Sorry, it doesnt usually work like that. Though some people make a great living from one form of passive income, its common 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 choose a couple that do require any work as an e-commerce site and some that dont like buying dividend yielding stocks.Something will emerge which you enjoy the most or will be making the most money.

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Put a little time and effort into it. Most of us hear stories about sites 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 before you could begin seeing some money come in.

You should try out some of the very low effort passive income ideas and one or two of the higher 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 have to do that to invest.

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There's no minimum to investthe prices are low, between 0.25-0.40 percent, and also you dont need to know anything about money or investing to get started. Betterment provides automatic rebalancing and tax reduction harvesting.To make things even easier, you can set up automatic deposits from your checking account or 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% return, plus its likely time you started investing in your future. They even have features like round-up and found money which allows you to find free money from places you already shop at.

Chances are the funds in your account are filled with charges and that should scare you even 1 percent in fees can eat 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 look at more info to know whether you have to refinance your mortgage Ask them.

Plus, they will give your retirement accounts a free analysis so if youre of this DIY kind you can just 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 prices they charge are also higher than a fellow robo advisers at 0.49-0.89 percent.

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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 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.

Armed with this information, you can move your money to an account with reduced prices, like Vanguard which charges only 0.20percent and has a record of excellent performance.We did a complete overview of Personal Capital and a review of the 401k fee analyzer since we believe its important.Vanguard: Vanguard has a minimum of $50,000 and a fee of 0.3%.