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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 butt all day. Its to spare your time to perform more fulfilling ventures.Passive income is freedom.

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An escape from the 9-to-5  project. 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 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 also revenue that comes from real estate investments or business investments where 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 require any effort at all, such as investing using a robo advisor.Having passive income streams may not substitute your entire salary if you should lose your job but having something coming in is far better than having nothing coming in.

It doesnt usually work that way. While some people today make a fantastic living from one kind of passive income, its common you will have small amounts from a few 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 require some work as an e-commerce site and some that dont enjoy buying dividend yielding stocks.Something will appear that you enjoy the maximum 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 each 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 very best money lessons:How to Use This ListEach suggestion is ranked by how much effort you need to put in up front before you could begin seeing some money come in.

You should try out some of the very low effort passive income ideas and one or 2 of the greater effort ones and determine which work best for you.InvestingInvesting is the greatest 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.

There's no minimum to investthe prices are low, see it here 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 account or savings account into your Betterment account.

As it turns out, Acorns will pay you $5 to begin investing with them for as little as $1. Thats a 500% return, plus its likely time you began investing in your future. They even have features like round-up and found money that lets you find free money from places you already shop at.

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Chances are the funds in your account are filled with fees and that will 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 provide open-ended fiduciary grade advice.Want to know whether you have to refinance your mortgage Ask them.

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Additionally, they will present your retirement accounts a free analysis so if youre of this DIY type you can just 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 higher than a fellow robo advisors at 0.49-0.89%.

And the more information that you have, the smarter your investment decisions will be. You can linked here use Personal Capital to track the performance of your investments throughout all of your accounts. Additionally they also have a 401k charge analyzer. Weve talked in the past about how even seemingly small fees can eat into your retirement accounts.

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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 list of excellent performance.We did a complete review of Personal Capital and a review of the 401k fee analyzer since we feel its important.Vanguard: Vanguard includes a minimum of $50,000 and a fee of 0.3%.

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