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"Earned Income vs Passive Income vs Portfolio Income: A Comparison - Only 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 word residual income actually has two different definitions. First, residual income can be thought of as the amount of money you've left over after accounting for debts, normally on a monthly basis. Basically, its your expendable income.For a more visual representation, consider this formulation: Monthly Net Income Monthly Debt Residual Income.Having expendable income each month is great, but it isnt what exactly were concerned with in this piece.

Rather than earning an hourly salary, residual income is usually 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 is 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 give 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 is gone, its gone.But, by sticking your money into a 401(k) or other retirement account, your stash doesnt just sit ; nonetheless, it will grow and continue growing for many years to come.The more residual income you can construct, off the better youll be.

By creating passive income streams that generate money while you sleep, youll build wealth quicker and diversify the ways youre able to make 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 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.

Consequently, if this sounds like a good idea to you, check out this list of simple strategies 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 try here passive income. I make money on seven different income sources but some of them take a good deal of work.

Passive income is money you earn out of a solution or an investment where you dont have to do any more work after you set it 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 be free of worrying about money and the only way you could ever achieve 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 them are going to take work but will mean thousands per month you can count on.

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Im going to start with the simple passive income thoughts, the ones which you can begin making money on instantly and will work through into the ones youll make the most money on as we go through the listing so be sure to stick around to grab those last couple of passive income plans. .

Our very first side hustle idea is with bargain sites like Swagbucks and TopCashBack. Now these are actually two different kinds of passive income ideas because theyre different kinds 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 that are usually 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 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 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 though is you can do it when youre doing something else I flip through polls and other stuff whilst I'm cooking dinner or flipping channels. .