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Many men and women 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 butt all day. Its to free up 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 approaches 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 great 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 in which you dont have to be present to earn it.Some passive income thoughts take a degree of upfront work to earn, like writing an e-book and some dont take any effort in any way, such as investing with a robo advisor.Having passive income streams might not replace your entire salary if you were to lose your job but having something coming in is far better than having nothing coming in.

It doesnt usually work like that. While some people make a fantastic living from one form of passive income, its more common that 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 select a few that do require some work as an e-commerce website and some that dont like buying dividend yielding stocks.Something will emerge that you enjoy the maximum or will be 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 each month but what we dont know is how long and effort went into that blog 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 might begin seeing some money come in.

You should try out a few of the very low effort passive income thoughts and one or 2 of the 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 lots of time to researching companies and markets, but you dont have to do this to invest.

There's no minimum to invest, the fees are reduced, between 0.25-0.40 percent, 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 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 begin investing together for as little as $1. Thats a 500% return, and its probably time you started investing for your future. They even have features like round-up and found money which lets you get free money from places you already shop at.

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Chances are the funds in your account are loaded with charges and that will scare you because even 1 percent in fees can eat 25 percent of your returns over 30 years.Not only will they slash your charges 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 Ask them.

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Plus, they will give your retirement accounts a free analysis so if youre of this 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 are also higher than a fellow robo advisors at 0.49-0.89%.

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

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

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