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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 term residual income actually 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. Fundamentally, its your expendable income.For a more visual representation, consider this formula: 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 goal of earning continuous payments. Once the initial investment, product, or service is made, 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 riches.

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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 the money you have 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 ; hopefully, 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 flows which generate money while you sleep, youll build wealth quicker and diversify the manners youre able to make money which helps 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 requires a whole lot of hard work with no guarantee of a return.With that stated I think its super important to construct as many passive income flows as possible.

So, if that 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 butt 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 earn out of a solution or an investment in which you dont have to do any more work after you set it up. That means consistent cash flow each month if youre working or not.

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Thats the only true way to financial freedom. Passive income is the only useful site way that you will be free from worrying about money and the only way that you will ever reach financial independence.

Im going to discuss my seven popular passive income sources, income streams I use to make money each month. Now Im not going to sugar coat this, some 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 simple passive income thoughts, the ones which you can start making money on instantly and will work through to the ones youll create the most money on as we go through the listing so make sure to stick around to catch those last few passive income strategies. .

Our very first facet holiday idea is with deal websites 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 site so that you get paid to do things such as take surveys, play video games, watch videos and test out free product samples. Doing all them, 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 Amazon rewards.

Now Ive been 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 wealthy. Youd have to work 2,500 hours this contact form to make $5,000 so thats approximately three and a half months, non-stop. The thing with Swagbucks however is you can take action when youre doing something else so I flip through polls and other things while I'm cooking dinner or even flipping channels. .