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"Earned Income vs Passive Income vs Portfolio Income: A Comparison - Only 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 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 own expendable income.For a visual representation, consider this formulation: Monthly Net Income Monthly Debt Residual Income.Having expendable income every month is great, but it isnt what were concerned with in this piece.

Rather than earning an hourly salary, 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 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 give retirement a shot, youd be taking a massive gamble. Without residual income, the only thing youd need to reside on is the money you've saved. Once it is gone, its gone.But, by sticking your money into a 401(k) or other retirement account, your stash doesnt just sit there; nonetheless, it will grow and continue growing for 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 earn 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 circumstances, it takes 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 streams as you can.

Consequently, if this sounds like a fantastic idea to you, have a look at this list of simple ways to make 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 some of them take a lot of work.

Passive income is money you make out of a product or an investment where you dont have to do any more work after you set this up. That means consistent cash flow every month whether youre why not try this out working or not.

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Thats the only real way to financial freedom. Passive income is the only way you will be free of worrying about money and the only way you will ever achieve financial independence.

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

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

Our first facet holiday idea is with deal websites 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 website so you get paid to do things such as take surveys, play video games, watch videos and test out free product samples. Doing each of these, you earn points that are ordinarily convertible to one hundred points for you could check here 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 users 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 so this isnt something thats going to make you wealthy. 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 stuff while I'm cooking dinner or even flipping channels. .