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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 real point of earning passive income is not to sit around on your bum all day. Its to free up your time to do more fulfilling ventures.Passive income is liberty.

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 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 also 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 a few dont take any effort in any way, like investing with a robo advisor.Having passive income streams may not replace your entire salary in case you should lose your job but having something coming in is much better than having nothing coming in.

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 for you and try them out. Try to select a couple that do need any work as an e-commerce website and a few that dont like buying dividend yielding stocks.Something will emerge that either you enjoy the maximum or will be making the most money.

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Put a little time and effort into it. We all hear stories about sites making thousands of dollars a month but what we dont know is how long and effort went into that blog Recommended Reading before it managed 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 before you might start seeing some money come in.

You should try out a few of the low effort passive income thoughts and one or 2 of those higher attempt ones and see which work best for you.InvestingInvesting is your ultimate and most accessible type of passive income. You can undoubtedly devote a great deal of time to researching companies and markets, but you dont have to do this to invest.

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There is no minimum to invest, the prices are low, between 0.25-0.40%, and you dont have to know anything about money or investing to get started. Betterment provides 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 with them for as little as $1. Thats a 500 percent return, plus its likely time you started investing for your future. They even have attributes like round-up and found money which lets you click over here now get 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 percent in fees can consume 25 percent 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 should refinance your mortgage Ask them.

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

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And the more information 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 read 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 fees, such as Vanguard which charges only 0.20percent and has a record of excellent performance.We did a full overview of Personal Capital and an overview of their 401k fee analyzer because we believe its so important.Vanguard: Vanguard includes a minimum of $50,000 and a fee of 0.3%.

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