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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 from the 9-to-5  project. There are dozens of approaches 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.

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This includes royalties from publications, videos, or songs and also revenue that comes from real estate investments or business investments in which you dont have 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 a few dont take any effort in any way, like investing with a robo advisor.Having passive income flows might not replace your entire salary in case you should lose your job but having something coming in is better than having nothing coming in.

It doesnt usually work like that. While some people today make a great living from one form 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 require some work as an e-commerce website and some that dont enjoy 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 blogs making thousands of dollars a month but what we dont know is how long and effort went into that site before it was able 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 could start seeing some money come in.

You ought to try out a few of the very low effort passive income thoughts and one or two of the greater attempt ones and determine which work best for you.InvestingInvesting is the ultimate and most accessible type of passive income. You can undoubtedly devote lots of time to researching companies and markets, but you dont need to do this 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 have to know anything about money or investing to get started. Betterment provides automatic rebalancing and tax reduction harvesting.To make things even simpler, 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 begin 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 filled with fees and that should scare you even 1% 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 to know whether you should refinance your mortgage Request them.

Plus, they will present your retirement accounts view website a free analysis so if youre of the DIY kind you can just take their advice and go implement it for free.Personal Capital: Personal Capital has a minimum that is out of reach for many of us, $100,000. The fees they charge will also be higher than some 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 track the performance of your investments throughout all your my company 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.

Equipped with that information, you can move your money to an account with reduced fees, such as Vanguard which charges just 0.20% and has a record of excellent performance.We did a full review of Personal Capital and a review of their 401k fee analyzer since we believe its so important.Vanguard: Vanguard has a minimum of $50,000 and a commission of 0.3%.