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"Earned Income vs Passive Income vs Portfolio Income: A Comparison - Just Ask Ben Exactly 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 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 each month is great, but it isnt what 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 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 wealth.

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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 live on is the money you have saved. Once it is 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 build, the better off youll be.

By creating passive income streams that 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 reduction of any one individual income stream.Now, dont be fooled; passive income doesnt mean easy income. In many cases, it requires a lot of hard work with no guarantee of a return.With that stated , I think its super important to construct as many passive income streams as you can.

Consequently, if this sounds like a good idea to you, have a look at this list of easy strategies to make residual income and get started right away! .

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You can work go to my site 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 require a good deal of work.

Passive income is money you earn from 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 whether 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 ever be free from worrying about money and the only way you could ever achieve 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 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 begin making money on immediately and will operate through to the ones youll make the maximum money on as we go through the list so be sure you stick around to grab those last couple of passive income strategies. .

Our very first facet hustle idea is with deal websites like Swagbucks and TopCashBack. Now these are actually two different types of passive income thoughts because theyre different kinds of websites.

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Swagbucks is a get-paid-to website so that you get paid to do things like take polls, play video games, watch movies 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 users 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 useful site going to make you rich. 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 take action when youre doing something else I flip through surveys and other stuff while I'm cooking dinner or even flipping channels. .