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Many people imagine life after 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 perform more fulfilling ventures.Passive income is freedom.

An escape in the 9-to-5  job. 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 books, movies, or songs and additionally 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, like writing an e-book and some dont take any effort in any way, like investing with a robo advisor.Having passive income flows might not substitute 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 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 couple of things that sound interesting to you and try them out. Try to choose a couple that do need 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 is making the most money.

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Put some 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 managed 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 until you could start seeing some money come in.

You should try out a few of the very low effort passive income ideas and one or two of those greater attempt 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 need to do this to invest.

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There is no minimum to investthe fees are reduced, between 0.25-0.40 percent, and you dont have to know anything about money or investing to begin. Betterment provides 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 her comment is here investing with them for as little as $1. Thats a 500 percent return, and its probably time you started investing in your future. They even have attributes like round-up and found money that lets you find free money from places you already shop at.

Chances are the funds in your account are loaded with charges and that should scare you because even 1 percent in fees can eat 25% of your returns over 30 years.Not only will they slash your charges 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 Request them.

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

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

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