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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 do 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 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, videos, or songs and also revenue that comes from property investments or business investments in which 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 at all, such as investing with a robo advisor.Having passive income flows might 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.

Sorry, it doesnt usually work like that. Though some people today make a great living from one form of passive income, its more common you will have small amounts from a few 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 any work as an e-commerce website and some that dont like buying dividend yielding stocks.Something will appear that you enjoy the most or will be making the most money.

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Put a little time and effort into it. We all hear stories about blogs making thousands of dollars a month but what we dont know is how much time and effort went into that blog 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 some of the very low effort passive income thoughts and one or look at more info 2 of the higher effort ones and determine which work best for you.InvestingInvesting is your ultimate and most accessible form 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 is 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 begin. Betterment offers automatic rebalancing and tax reduction 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 together for as little as $1. Thats a 500% return, plus its likely time you started investing in your future. They even have attributes like round-up and found money that allows you to 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 fees 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.

Plus, they will present your retirement accounts a free analysis so if youre of the DIY kind you can just take their suggestions and go implement it yourself, for free.Personal Capital: Personal Capital includes a minimum that is out of reach for many of us, $100,000. The fees they charge will also be higher than a fellow robo advisers at 0.49-0.89 percent.

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And the more information that 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. 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 commission of 0.3%.

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