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An escape from the 9-to-5  job. 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 lot of chatter in the personal finance world about passive income, why you need it and how great it is.

This includes royalties from books, movies, or songs and additionally revenue that comes from real estate investments or business investments in which 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 a few dont require any effort in any way, such as investing with a robo advisor.Having passive income streams may not substitute your entire salary in case you should lose your job but having something coming in is better than having nothing coming in.

Sorry, it doesnt usually work like that. Though some people make a fantastic living from one kind of passive income, its more common that you will have small amounts from a couple of different sources coming in.Choose a few things that sound interesting to you and try them out. Try to choose a couple that do require any work as an e-commerce site and some that dont like buying dividend yielding stocks.Something will emerge that either you enjoy the most or is making the most money.

Put a little time and effort into it. We all hear stories about sites making thousands of dollars each month but what we dont know is how much time 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 might begin seeing some money come in.

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You should try out a few 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 a lot of time to researching companies and markets, but you dont have to do this to invest.

There is no minimum to invest, the prices are low, between 0.25-0.40 percent, and you dont have to know anything about money or investing to begin. Betterment offers 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.

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As it turns out, Acorns will pay you $5 to start investing with them 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 which 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 percent in fees can consume 25% 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 provide open-ended fiduciary grade advice.Want to know if you have to refinance your mortgage Ask them.

Plus, they will give your retirement accounts a free analysis so if youre of the DIY kind you can just take their advice 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 fees they charge will also be greater than a fellow robo advisors at 0.49-0.89%.

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And the more information that 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 official statement 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 reduced fees, such as Vanguard which charges just 0.20% and has a list of excellent performance.We did a full overview of Personal Capital and a review of the 401k fee analyzer since we feel its so important.Vanguard: Vanguard includes a minimum of $50,000 and a fee of 0.3%.

We included Vanguard because clients who invest between $50,000-$500,000 have access to a group of financial advisors. Those with accounts over $500,000 will have a committed advisor.If youre looking for a place to begin, these are what we think are the ideal vanguard funds.  We also did an episode on which Vanguard is all about.Dividend Investing: Effort 1 When you own stock in a company directly or through a fund you will receive dividends.