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"Earned Income vs Passive Income vs Portfolio Income: A Comparison - Just Ask Ben Why". Only Ask Ben Why. 2015-06-22. Retrieved 2018-05-12.

a b "Publication 925 (2017), Passive Activity and At-Risk Rules Internal Revenue Service". www.irs.gov. Retrieved 2018-05-12.

What Is Residual IncomeIn the personal finance world, the term residual income really has two different definitions. First, residual income can be thought of as the amount of money you have left over after accounting for debts, typically on a monthly basis. Basically, its your expendable income.For a more visual representation, consider this formula: Monthly Net Income Monthly Debt Residual Income.Having expendable income every month is very good, but it isnt what exactly were concerned with in this piece.

Rather than earning an hourly salary, residual income is usually generated through an initial investment of time or money with the goal of earning continuous payments. Once the initial investment, product, or service is made, the ongoing income that's earned is generally passive in nature.Why Should You Build Residual IncomeDeveloping residual income is an important part of building long-term riches.

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Even when you saved enough to give retirement a shot, youd be taking a massive gamble. Without residual income, the only thing youd have to reside on is the money you've saved. Once it's gone, its gone.But, by sticking your own money into a 401(k) or other retirement account, your stash doesnt just sit there; nonetheless, it will grow and continue growing for many years to come.The more residual income you can construct, the better off youll be.

By creating passive income streams that generate money while you sleep, youll build wealth faster and diversify the manners youre able to make money that helps shield you from the loss of any one individual income stream.Now, dont be fooled; passive income doesnt mean easy income. In many circumstances, it takes a lot of hard work with no guarantee of a return.With that saidI think its super important to construct as many passive income streams as possible.

So, if that sounds like a good idea to you, check out this list of easy ways to make residual income and get started straight away! .

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You can work your butt off to earn money but youll never get anywhere until you start making passive income. I make money on seven different income sources but some of them take a lot of work.

Passive income is money you earn from a solution or an investment where you dont have to do any more work after you put it up. That means consistent cash flow every month if discover here youre working or not.

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Thats the only true way to financial freedom. Passive income is the only way that you will ever be free from worrying about money and the only way that you will ever reach financial independence.

Im going to share my seven favorite passive income sources, income flows I use to create money every month. Now Im not going to sugar coat this, some of these are going to take work but may mean thousands per month you can count on.

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Im going to start with the simple passive income thoughts, the ones which you can begin making money on immediately and will work through to the ones youll create the most money on as we proceed through the listing so make sure to stick around to catch those last few passive income strategies. .

Our first side hustle idea is with deal websites like Swagbucks and TopCashBack. Now these are actually two different types of passive income ideas since theyre different kinds of sites.

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Swagbucks is a get-paid-to site so you get paid to do things such as take polls, play video games, watch videos and try out free product samples. Doing all these, you earn points which are ordinarily convertible to one hundred points for a buck.

Now this isnt something thats going to make you rich but you can earn some legit money for less than an hour of the time. Swagbucks consumers have redeemed over $344 million in benefits for gift cards and Amazon rewards.

Now Ive been using Swagbucks for a while and have found that the money works out to just under $2 an hour so this isnt something thats going to make you rich. Youd need to operate 2,500 hours to make $5,000 so thats about three and a half months, non-stop. The thing with Swagbucks however is you can do it when youre doing something else I flip through surveys and other things while I'm cooking dinner or even flipping channels. .

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