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"Earned Income vs Passive Income vs Portfolio Income: A Comparison - Just Ask Ben Exactly 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's Residual IncomeIn the personal finance world, the word residual income really has two different definitions. First, residual income can be considered as the amount of money you've left over after accounting for debts, normally on a monthly basis. Basically, its your expendable income.For a visual representation, consider this formulation: 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 objective of earning continuous payments. Once the initial investment, product, or service is created, the ongoing income that is earned is generally passive in nature.Why Should You Build Residual IncomeDeveloping residual income is an important part of building long-term wealth.

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

By creating passive income streams that generate money while you sleep, youll build wealth faster and diversify the ways youre able to make money that will help protect you from the reduction of any one individual income stream.Now, dont be fooled; passive income doesnt mean easy income. In many cases, it takes a lot of hard work with no guarantee of a return.With that said, I think its super important to build as many passive income flows as possible.

Consequently, if that sounds like a fantastic 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 ass 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 good deal of work.

Passive income is money you make out of a product or an investment in which you dont have to do any more work once you set this up. That means consistent cash flow each month whether youre working or not.

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Thats the only real 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 resources, income flows I use to create money each month. Now Im not going to sugar coat this, a few of these are going to take work but will mean thousands a month you can count on.

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Im going to begin with the easy passive income ideas, the ones which you can begin making money on immediately and will operate through into the ones youll make the maximum money on as we proceed through the list so make sure to stick around to grab those last couple of passive income strategies. .

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

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Swagbucks is a get-paid-to website so that you get paid to do things like take surveys, play video games, watch videos and try out free product samples. Doing each of 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 rewards for gift cards and learn this here now Amazon rewards.

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