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"Earned Income vs Passive Income vs Portfolio Income: A Comparison - Just Ask Ben 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 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, typically on a monthly basis. Fundamentally, its your 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 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 goal of earning continuous payments. Once the initial investment, product, or service is created, the ongoing income that's 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 if you saved enough to give retirement a shot, youd be taking a huge gamble. Without residual income, the only thing youd have to live on is that the money you have saved. Once it's gone, its gone.But, by sticking your own money into a 401(k) or other retirement account, your stash doesnt just sit there; hopefully, 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 flows which generate money while you sleep, youll build wealth faster and diversify the ways 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 cases, it takes a whole lot of hard work with no guarantee of a return.With that stated I think its super important to build as many passive income streams as possible.

So, if this sounds like a good idea to you, have a look at this list of easy ways to create residual income and get started straight away! .

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You can work your butt 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 require a lot of work.

Passive income is money you earn out of a product or an investment in which you dont have to do any more work after you put go right here 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 way that you will be free from worrying about money and the only way you could ever achieve financial independence.

Im going to discuss my seven favorite passive income sources, income streams I use to make money each month. company website 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 to begin with the simple passive income ideas, the ones you can begin making money on instantly and will operate through to the ones youll create the most money on as we go 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 since theyre different kinds of sites.

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Swagbucks is a get-paid-to site so you get paid to do things like take polls, play video games, watch movies and try out free product samples. Doing each of these, you earn points which 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 benefits visit the website for gift cards and Amazon rewards.

Now Ive been using Swagbucks for a little while and have found the money works out to just under $2 an hour this isnt something thats going to make you rich. Youd have 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 that you can take action when youre doing something else I flip through polls and other things while I'm cooking dinner or even flipping channels. .