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An escape in 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 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, like writing an e-book and some dont require any effort in any way, like investing using 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 better than having nothing coming in.

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

Put some time and effort into it. Most of us hear stories about sites 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 before you could start seeing some money come in.

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You should try out some of the very low effort passive income thoughts and one or 2 of those greater effort ones and see which work best for you.InvestingInvesting is your ultimate and most accessible form of passive income. You can undoubtedly devote lots of time to researching companies and markets, but you dont have to do that to invest.

There is no minimum to investthe fees are low, between 0.25-0.40 percent, and also you dont need to know anything about money or investing to begin. Betterment provides automatic rebalancing and tax loss 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 together for as little as $1. Thats a 500% return, plus its likely time you started investing in your future. They even have attributes like round-up and found money that allows you to find free money from places you already shop at.

Chances are the funds in your account are filled with fees and that will scare you even 1 percent in fees can consume 25 percent of your returns over 30 years.Not only will they slash your fees 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 if you have to 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 for free.Personal Capital: Personal Capital has a minimum that is out of reach for many of us, $100,000. The prices they charge will also be higher than some fellow robo advisors at 0.49-0.89 percent.

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

Armed with that information, you can move your money to an account with reduced prices, such as Vanguard which charges only 0.20percent and has a list of excellent performance.We did a full review of Personal Capital and an overview of their 401k fee analyzer since we believe its 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. People who have accounts around $500,000 will have a committed advisor.If youre looking for a place to start, these are what we think published here are the ideal vanguard funds.  We also did an episode on what Vanguard is about.Dividend Investing: Effort 1 When you own stock in a company directly or through a fund that you may receive dividends.