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Many people 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 bum all day. Its to free up your time to perform more fulfilling ventures.Passive income is freedom.

An escape in 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 lot of chatter in the personal finance world about passive income, why you need it and how great it is.

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This includes royalties from publications, movies, or songs and also revenue that comes from real estate 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, such as writing an e-book and some dont take any effort in any way, like investing using a robo advisor.Having passive income streams may not substitute your entire salary if you were to lose your job but having something coming in is much 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 common you will have small amounts from a couple of different sources coming in.Choose a few things that sound interesting for you and try them out. Try to choose a few that do need any work as an e-commerce website and a few that dont like buying dividend yielding stocks.Something will appear which you enjoy the most 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 long and effort went into that blog before it managed to break even, never mind make money.Get our 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 helpful resources thoughts and one or two of the greater attempt ones and go determine which work best for you.InvestingInvesting is your greatest and most accessible type of passive income. You can undoubtedly devote a great deal of time to researching companies and markets, but you dont need to do this to invest.

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There is no minimum to investthe fees are low, between 0.25-0.40 percent, and you dont need to know anything about money or investing to begin. Betterment offers automatic rebalancing and tax loss 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 with them for as little as $1. Thats a 500% return, plus its likely time you started investing for your future. They even have attributes like round-up and found money that lets you get free money from places you already shop at.

Chances are the funds in your account are filled with charges and that will scare you even 1 percent in fees can eat 25% 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 provide open-ended fiduciary grade advice.Want to know if you should refinance your mortgage Request them.

Plus, they will give your retirement accounts a free analysis so if youre of the DIY kind you can simply take their suggestions and go implement it for free.Personal Capital: Personal Capital includes a minimum that's out of reach for many of us, $100,000. The prices they charge are also higher than some fellow robo advisers at 0.49-0.89%.

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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 your accounts. They also have a 401k fee analyzer. Weve talked in the past about how even seemingly tiny fees can eat into your retirement accounts.

Armed with this information, you can move your money to an account with reduced prices, 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 since we feel its important.Vanguard: Vanguard includes a minimum of $50,000 and a fee of 0.3%.