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"Earned Income vs Passive Income vs Portfolio Income: A Comparison - Just Ask Ben Why". Just 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 term residual income actually has two different definitions. First, residual income can be considered as the amount of money you have left over after accounting for debts, normally on a monthly basis. Basically, its own expendable income.For a more visual representation, consider this formula: Monthly Net Income Monthly Debt Residual Income.Having expendable income every month is great, but it isnt what exactly were concerned with in this piece.

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

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Even if you saved enough to provide retirement a shot, youd be taking a huge gamble. Without residual income, the only thing youd have to reside on is the money you have 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 ; hopefully, 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 which generate money while you sleep, youll build wealth quicker and diversify the manners youre able to make money that will help shield you from the reduction of any one individual income stream.Now, dont be fooled; passive income doesnt mean easy income. In many circumstances, it takes a whole lot of hard work with no guarantee of a return.With that stated I think its super important to build as many passive income flows as you can.

Consequently, if this sounds like a fantastic idea to you, check out this list of simple strategies to create 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 a number of them take a lot 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 after you set this up. That means consistent cash flow every month if 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 you could ever achieve financial independence.

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

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Im going to begin with the easy passive income thoughts, the ones which you can begin making money on instantly and will operate through to the ones youll make the maximum money hop over to here on as we go through the list so make sure you stick around to grab those last few passive income strategies. .

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

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Swagbucks is a get-paid-to website so that you get paid to do things such as 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 your time. Swagbucks consumers have redeemed over $344 million in benefits for gift cards and Amazon rewards.

Now Ive been using Swagbucks for a little while and have found that the money works out to just under $2 an hour this isnt something thats going to make you wealthy. Youd need to operate 2,500 hours to make $5,000 so thats approximately 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 like this other things while I'm cooking dinner or flipping channels. .