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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 considered as the amount of money you have left over after accounting for debts, normally on a monthly basis. Fundamentally, its your expendable income.For a more visual representation, consider this formulation: Monthly Net Income Monthly Debt Residual Income.Having expendable income every month is great, but it isnt what exactly were concerned with in this piece.

Rather than earning an hourly wage, 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'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 provide retirement a shot, youd be taking a huge gamble. Without residual income, the only thing youd need to reside on is the money you've saved. Once it is 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 construct, the better off youll be.

By creating passive income flows which generate money while you sleep, youll build wealth faster and diversify the manners youre able to make money which helps protect 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 whole lot of hard work with no guarantee of a return.With that said, I think its super important to build as many passive income streams as you can.

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

Passive income is money you make from a solution or an investment in which you dont need 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 real way to financial freedom. Passive income is the only way you will be free of worrying about money and the only way you could ever reach financial independence.

Im going to share my seven popular passive income sources, income flows I use to make money every month. Now Im not going to sugar coat this, some of these are going to take work but may mean thousands a month you can count on.

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Im going to begin with the easy passive income thoughts, the ones you can begin making money on immediately and will work through to the ones youll make the maximum view website money on as we proceed through the listing so make sure to stick around to grab those last few passive income strategies. .

Our very first side 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 sites.

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Swagbucks is a get-paid-to site so you get paid to do things such as take surveys, play video games, watch videos and try out free product samples. Doing all them, you earn points that 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 your time. Swagbucks consumers have redeemed over $344 million in benefits 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 operate 2,500 hours to make $5,000 so thats about three and a half months, non-stop. The thing with Swagbucks though is you can do it when youre doing something else so I flip through polls and other stuff while I'm cooking dinner or even flipping channels. .