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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 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, typically on a monthly basis. Basically, its own expendable income.For a more 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 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 wealth.

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Even when you saved enough to provide retirement a shot, youd be taking a huge gamble. Without residual income, the only thing youd need to live on is that 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 ; nonetheless, it will grow and continue growing for many years to come.The more residual income you can construct, the better off youll be.

By creating passive income flows which generate money while you sleep, youll build wealth quicker and diversify the ways youre able to make money which 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 circumstances, it requires a lot of hard work with no guarantee of a return.With that saidI think its super important to build as many passive income streams as possible.

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

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You can work your ass off to earn money but youll never get anywhere until you start making passive income. I make money on seven different income sources but a number of them take a good deal of work.

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

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Thats the only real 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 will ever reach financial independence.

Im going to share my seven favorite passive income sources, income streams I use to make money each month. Now Im not going to sugar coat this, some of them are going to take work but will mean thousands per month you can count on.

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Im going to start with the easy passive income thoughts, the ones which you can begin making money on immediately and will operate through into the ones youll make the maximum money on as we proceed through the listing so be sure you stick around to catch those last few passive income plans. .

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

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Swagbucks is a get-paid-to website so you get paid to do things such as take surveys, play video games, watch movies and test out free product samples. Doing each of moved here them, you earn points that are usually convertible to one hundred points for a buck.

Now this isnt something thats official statement going to you could try these out 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 rewards 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 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 do it when youre doing something else I flip through surveys and other things whilst I'm cooking dinner or even flipping channels. .