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Many men and women 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 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 great it is.

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This includes royalties from books, movies, or songs and additionally revenue that comes from property 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 some dont take any effort at all, such as investing with a robo advisor.Having passive income streams might not replace your entire salary if you should 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 today make a great living from one kind of passive income, its common that 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 choose a few that do need some work as an e-commerce website 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 each 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 more tips here some money come in.

You ought to try out a few of the low effort passive income thoughts and one or two of those greater 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 have to do this to invest.

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There is no minimum to invest, the prices 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 loss harvesting.To make things 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 start investing with them for as little as $1. Thats a 500 percent return, and its probably time you began investing for your future. They even have features like round-up and found money which lets you 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% of your returns over 30 years.Not only will they slash your fees 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 Ask them.

Plus, they will present your retirement accounts a free analysis so if youre of this DIY type you can simply take their suggestions and go implement it yourself, for free.Personal Capital: Personal Capital has a minimum that's out of Learn More reach for many of us, $100,000. The prices they charge are also higher straight from the source than some fellow robo advisors 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 of your accounts. Additionally 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.