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

An escape in the 9-to-5  job. 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.

This includes royalties from books, movies, or songs and also revenue that comes from property investments or business investments where 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 some dont take any effort in any way, like investing using a robo advisor.Having passive income flows might not substitute your entire salary if you should lose your job but having something coming in is far better than having nothing coming in.

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

Put a little time and effort into it. We all hear stories about sites making thousands of dollars each 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 low effort passive income thoughts and one or two of the greater attempt ones and determine which work best for you.InvestingInvesting is the greatest and most accessible form of passive income. You can undoubtedly devote lots of time to researching companies and markets, but you anonymous dont need to do that to invest.

There is no minimum to investthe fees are reduced, between 0.25-0.40 percent, and also you dont have 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.

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As it turns out, Acorns will pay you $5 to start investing together for as little as $1. Thats a 500 percent return, plus its probably time you began investing for your future. They even have attributes like round-up and found money which allows you to get free money from places you already shop more at.

Chances are the funds in your account are loaded with charges and that will scare you because even 1% 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 supply open-ended fiduciary grade advice.Want to know whether you have to refinance your mortgage Request them.

Additionally, they will give your retirement accounts a free analysis so if youre of the DIY type you can simply 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 are also greater than some fellow robo advisors at 0.49-0.89%.

And the more information you have, the smarter your investment decisions will be. You can article 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 tiny fees can eat into your retirement accounts.

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Equipped with that information, you can move your money to an account with lower fees, like Vanguard which charges only 0.20percent and has a record of excellent performance.We did a full overview of Personal Capital and a review of the 401k fee analyzer since we feel its important.Vanguard: Vanguard includes a minimum of $50,000 and a commission of 0.3%.