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"Earned Income vs Passive Income vs Portfolio Income: A Comparison - Only 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's Residual IncomeIn the personal finance world, the term 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. Fundamentally, its your expendable income.For a visual representation, consider this formulation: Monthly Net Income Monthly Debt Residual Income.Having expendable income each month is very good, 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 objective 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 If 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 huge gamble. Without residual income, the only thing youd need to live on is that 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 there; nonetheless, it will grow and continue growing for many years to come.The more residual income you can build, off the better youll be.

By creating passive income flows that 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 loss of any one individual income stream.Now, dont be fooled; passive income doesnt mean easy income. In many cases, it requires a lot of hard work with no guarantee of a return.With that saidI think its super important to construct as many passive income flows as you can.

So, if this sounds like a good idea to you, have a look at 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 make 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 require a good deal of work.

Passive income is money you make from a solution or an investment in which you dont have to do any more work after you set this up. That means consistent cash flow each 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 of worrying about money and the only way that you will ever achieve financial independence.

Im going to discuss my seven popular passive income resources, income streams I use to make money every month. Now Im not going to sugar coat this, a few of these are going to take work but may mean thousands per month you can count on.

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Im going to begin with the easy passive income thoughts, the ones you can start making money Extra resources on immediately and will operate through to the ones youll create the maximum money on as we go through the listing so be sure to stick around to catch those last few passive income strategies. .

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

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Swagbucks is a get-paid-to site so you get paid to do things like take polls, play video games, watch movies and try out free product samples. Doing each of these, you earn points that are ordinarily convertible to one hundred points for a dollar.

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 Amazon rewards.

Now Ive been using Swagbucks for a 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 have to operate 2,500 hours to make $5,000 so thats approximately three and a half months, non-stop. The thing with Swagbucks though is that you can do it when youre doing something else so I flip through polls and other stuff whilst I'm cooking dinner or flipping channels. .

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