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"Earned Income vs Passive Income vs Portfolio Income: A Comparison - Just Ask Ben 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 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. 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 great, 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 created, the ongoing income that's earned is generally passive in nature.Why If 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 provide retirement a shot, youd be taking a huge gamble. Without residual income, the only thing youd have to reside on is the money you've 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 there; hopefully, it will grow and continue growing for many 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 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 circumstances, it takes a lot of hard work with no guarantee of a return.With that said, I think its super important to build as many passive income flows as you can.

Consequently, if that sounds like a good idea to you, check out this list of you could check here simple ways 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 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 if youre working or not.

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Thats the only real 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 reach financial independence.

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

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Im going to start with the simple passive income ideas, the ones you can start making money on instantly and will work through to the ones youll make the most money on as we proceed through the list so be sure to stick around to grab those last couple of passive income strategies. .

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

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Swagbucks is a get-paid-to site so you get paid to do things such as take polls, play video games, watch videos and test out free product samples. Doing all them, 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 look at more info money for less than an hour of the time. Swagbucks consumers have redeemed over $344 million in rewards for gift cards and Amazon rewards.

Now Ive been using Swagbucks for a little while and have found the money works out to just under $2 an hour this isnt something thats going to make you wealthy. 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 however is you can do it when youre doing something else I flip through surveys and other things whilst I'm cooking dinner or flipping channels. .