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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's Residual IncomeIn the personal finance world, the word residual income really has two different definitions. First, residual income can be thought of 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 visual representation, consider this formulation: Monthly Net Income Monthly Debt Residual Income.Having expendable income every month is very good, but it isnt what exactly were concerned with in this piece.

Rather than earning an hourly salary, residual income is typically 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 massive gamble. Without residual income, the only thing youd have to live on is the money you have saved. Once it's gone, its own 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, 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 earn 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 lot of hard work with no guarantee of a return.With that saidI think its super important to construct as many passive income streams as possible.

So, if this sounds like a good idea to you, check out this list of easy strategies to create residual income and get started right 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 require a good deal of work.

Passive income is money you earn out of a product or an investment where you dont need to do any more work once you put this up. That means consistent cash flow each month whether youre working or not.

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Thats the only real way to financial freedom. Passive income is the my review here only way you will ever be free from worrying about money and the only way you will ever achieve financial independence.

Im going to discuss my seven favorite passive income resources, income flows I use to create 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 simple passive income thoughts, 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 proceed through the list so be sure to stick around to grab those last few passive income strategies. .

Our first facet hustle idea is with deal 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 website so you get paid to do things like take polls, play video games, watch videos and try out free product samples. Doing all them, you earn points which 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 your 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 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 that you can do it when youre doing official site something else so I flip through polls and other stuff while I'm cooking dinner or even flipping channels. .