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An escape from the 9-to-5  job. There are dozens of ways to generate passive income. Here are our favorite 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 need 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 at all, such as investing with a robo advisor.Having passive income streams may not substitute your entire salary if you were to lose your job but having something coming in is better than having nothing coming in.

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

Put a little time and effort into it. Most of us hear stories about blogs making thousands of dollars a 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 very 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 start seeing some money come in.

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You ought to try out some of the very low effort passive income ideas and one or two of those higher effort ones and determine which work best for you.InvestingInvesting is the ultimate and most accessible type 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 is no minimum to investthe prices are reduced, 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 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 begin investing with them for as little as $1. Thats a 500% return, plus its likely time you began investing for your future. They even have attributes 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 loaded with fees and that should scare you even 1 percent in fees can consume 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 if you have to refinance your mortgage Request them.

Plus, they will give 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 will also be greater than a fellow robo advisers 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 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 tiny fees can eat into your retirement accounts.

Armed with this information, you can move your money to an account with reduced fees, such as Vanguard which charges only 0.20percent Bonuses and has a list of excellent performance.We did a full review of Personal Capital and a review 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%.

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