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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's Residual IncomeIn the personal finance world, the word residual income really has two different definitions. First, residual income can be considered as the amount of money you've left over after accounting for debts, normally on a monthly basis. Fundamentally, its your expendable income.For a more visual representation, consider this formula: Monthly Net Income Monthly Debt Residual Income.Having expendable income each month is very good, 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 objective 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 reside on is that the money you have saved. Once it is gone, its gone.But, by sticking your money into a 401(k) or other retirement account, your stash doesnt just sit ; nonetheless, it is going to 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 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 build as many passive income streams as possible.

Consequently, if this sounds like a fantastic idea to you, check out this list of simple strategies to make 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 make from a product or an investment in which you dont need to do any more work once you set it up. That means consistent cash flow every 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 ever be free from worrying about money and the only way that you will ever achieve financial independence.

Im going company website to share my seven favorite passive income resources, income flows I use to make money each month. Now Im not going to sugar coat this, a few of these are going to take work but may mean thousands per month you can count on.

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Im going to start with the simple passive income thoughts, the ones you can start making money on instantly and will operate through to the ones youll make the maximum money on as we go through the listing so make sure you stick around i was reading this to grab those last couple of passive income plans. .

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

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Swagbucks is a get-paid-to website so that you get paid to do things such as take polls, play video games, watch videos and try out free product samples. Doing all them, you earn points that 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 your time. Swagbucks consumers have redeemed over $344 million in benefits for gift cards and Amazon rewards.

Now Ive been using Swagbucks for a little 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 have to work 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 surveys and other stuff whilst I'm cooking dinner or even flipping channels. .