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An escape from the 9-to-5  job. There are dozens of approaches to generate passive income. Here are our favorite 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 good it is.

This includes royalties from publications, movies, or songs and additionally revenue that comes from property 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, like writing an e-book and a few dont require any effort at all, like investing with a robo advisor.Having passive income streams might not substitute your entire salary in case you should lose your job but having something coming in is far better than having nothing coming in.

Sorry, it doesnt usually work that way. While some people today 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 few things that sound interesting for you and try them out. Try to choose a couple that do require some work as an e-commerce site and some that dont like buying dividend yielding stocks.Something will appear which you enjoy the most or will be making the most money.

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 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 start seeing some money come in.

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You should try out a few 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 type 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 invest, the prices 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 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 that site to start investing with them for as little as $1. Thats a 500 percent return, and its probably 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 loaded with fees and that will scare you because even 1% in fees can eat 25% 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 if you should refinance your mortgage Ask them.

Plus, they will present 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 includes a minimum that is out of reach for many of us, $100,000. The fees they charge are also higher than a fellow robo advisors at 0.49-0.89%.

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And the more information you have, the smarter 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 this information, you can move your money to an account with reduced prices, like Vanguard which charges only a knockout post 0.20% and has a list of excellent performance.We did a complete overview of Personal Capital and a review of their 401k fee analyzer since we believe its so important.Vanguard: Vanguard has a minimum of $50,000 and a commission of 0.3%.

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