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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 thought of 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 visual representation, consider this formulation: Monthly Net Income Monthly Debt Residual Income.Having expendable income each month is great, but it isnt what 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 created, the ongoing income that is earned is generally passive in nature.Why If 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 massive gamble. Without residual income, the only thing youd need to reside on is that the money you've saved. Once it's gone, its own gone.But, by sticking your own money into a 401(k) or other retirement account, your stash doesnt just sit ; nonetheless, it will grow and continue growing for years to come.The more residual income you can build, the better off youll be.

By creating passive income streams that generate money while you sleep, youll build wealth quicker and diversify the manners youre able to earn 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 circumstances, it requires a lot of hard work with no guarantee of a return.With that said, I think its super important to construct as many passive income flows as possible.

Consequently, if this sounds like a good idea to you, check out this list of easy strategies to create residual income and get started right 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 good deal of work.

Passive income is money you look at this now make from a solution or an investment in which you dont need to do any more work once you put it up. That means consistent cash flow every link month if 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 you could ever reach financial independence.

Im going to discuss my seven popular passive income sources, income flows I use to create money every 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 why not try this out to begin with the simple passive income ideas, the ones you can start making money on immediately and will work through into the ones youll make the maximum money on as we go through the list so be sure you stick around to grab those last few passive income plans. .

Our first facet hustle idea is with bargain sites like Swagbucks and TopCashBack. Now these are actually two different types of passive income thoughts because 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 that are usually 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 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 rich. Youd need to work 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 take action when youre doing something else I flip through polls and other stuff whilst I'm cooking dinner or even flipping channels. .