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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 real point of earning passive income is not to sit around on your butt all day. Its to free up 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 good it is.

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This includes royalties from books, videos, 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 with a robo advisor.Having passive income flows might not replace your entire salary if you should lose your job but having something coming in is better than having nothing coming in.

It doesnt usually work that way. While some people make a great living from one kind of passive income, its common that 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 some work as an e-commerce website and a few that dont like buying dividend yielding stocks.Something will appear which you enjoy the maximum or is making the most money.

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Put some time and effort into it. We all 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 should try out a few of the very low effort passive income thoughts and one or two of those greater attempt ones and determine which work best for you.InvestingInvesting is your ultimate 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's no minimum to invest, the fees are reduced, between 0.25-0.40%, and you dont have to know anything about money or investing to begin. Betterment offers automatic rebalancing and tax loss 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 start investing together for as little as $1. Thats a 500% return, plus its probably time you started investing for your future. They even have features like round-up and found money which lets you find free money from places you already shop at.

Chances are the funds in your account are filled with charges and that should scare you because even 1% in fees can consume 25 percent of your returns over 30 check 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 Ask them.

Additionally, they will present your retirement accounts a free analysis so if youre of the DIY type you can just 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 higher than some 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. 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 that information, you can move your money to an account with lower fees, such as Vanguard which charges only 0.20% and has a record of excellent performance.We did a complete overview of Personal Capital and an overview of their 401k fee analyzer because we believe its important.Vanguard: Vanguard includes a minimum of $50,000 and a commission of 0.3%.

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