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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 bum all day. Its to spare your time to do more fulfilling ventures.Passive income is liberty.

An escape from the 9-to-5  job. There are dozens of ways to generate passive income. Here are our favourite 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 good it is.

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This includes royalties from publications, 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 thoughts take a degree of upfront work to earn, such as writing an e-book and some dont require any effort at all, like investing with a robo advisor.Having passive income flows may 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 that way. Though some people make a fantastic 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 for you and try them out. Try to choose a few that do need any work as an e-commerce site and some that dont enjoy buying dividend yielding stocks.Something will appear that either 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 sites making thousands of dollars each month but what we dont know is how long and effort went into that blog before it her latest blog 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 might start seeing some money come in.

You should try out a few 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 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 fees 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 reduction 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 together for as little as $1. Thats a 500% return, and its probably time you began investing in your future. They even have features 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 fees and that should scare you even 1% in fees can consume 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 if you should refinance your mortgage Request them.

Additionally, they will give your retirement accounts a free analysis so if youre of this DIY kind you can simply take their suggestions and go implement it yourself, for free.Personal Capital: Personal Capital has a minimum that's out of reach for many of us, $100,000. The prices they charge will also be greater 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 monitor the performance of your investments throughout all your accounts. They also have a 401k fee analyzer. Weve talked in the past about how even seemingly tiny fees can eat into your retirement accounts.

Equipped with this information, you can move your money to an account with reduced prices, like Vanguard which charges just 0.20% and has a list of excellent performance.We did a complete overview of Personal Capital and an overview of their 401k fee analyzer since we feel its important.Vanguard: Vanguard has a minimum of $50,000 and a fee of 0.3%.

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