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"Earned Income vs Passive Income vs Portfolio Income: A Comparison - Only 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 considered as the amount of money you have left over after accounting for debts, normally on a monthly basis. Basically, its your expendable income.For a visual representation, consider this formula: Monthly Net Income Monthly Debt Residual Income.Having expendable income every month is very good, but it isnt what 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 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 if you saved enough to give retirement a shot, youd be taking a huge gamble. Without residual income, the only thing youd have to reside on is the money you have 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 ; hopefully, it will grow and continue growing for 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 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 cases, it requires a whole lot of hard work with no guarantee of a return.With that said, I think its super important to construct as many passive income streams as possible.

Consequently, if that sounds like a good idea to you, check out this list of simple ways to make 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 good deal of work.

Passive income is money you earn from a product 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 true 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 achieve financial independence.

Im going to share my seven popular passive income resources, income streams I use to create money each month. Now Im not going to sugar coat this, a few of them are going to take work but may mean thousands a month you can count on.

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Im going to start with the simple passive income ideas, the ones which you can begin making money on instantly and will operate through into the ones youll create the maximum money on as we proceed through the listing so be sure to stick around to grab those last couple of passive income plans. .

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

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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 all these, you earn points which are ordinarily 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 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 so this isnt something thats going to make you wealthy. Youd have to operate 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 do it when youre doing something else so I flip through polls and other things websites whilst I'm cooking dinner or even flipping channels. .