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"Earned Income vs Passive Income vs Portfolio Income: A Comparison - Just Ask Ben Exactly 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. Fundamentally, its your expendable income.For a visual representation, consider this formula: Monthly Net Income Monthly Debt Residual Income.Having expendable income every month is great, but it isnt what 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 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 have to reside on is the money you have saved. Once it's 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 faster and diversify the ways youre able to earn money that helps shield you from the loss 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 stated , I think its super important to construct as many passive income streams as possible.

Consequently, if this sounds like a good idea to you, have a look at this list of easy ways to make residual income and get started right away! .

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You can work your butt 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 take a lot of work.

Passive income is money you make out of a solution or an investment in which you dont have to do any more work once you put it up. That means consistent cash flow each month whether 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 discuss my seven popular passive income resources, income flows I use to create money each month. Now Im not going to sugar coat this, a few of these are going to click over here take work but will mean thousands a month you can count on.

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Im going to begin with the easy passive income ideas, the ones you can begin making money on instantly and will operate through to the ones youll create the most money on as we proceed through the listing so make sure you stick around to grab those last few passive income strategies. .

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

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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 try out free product samples. Doing all them, you earn points which 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 the time. Swagbucks users 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 the money works out to just under $2 an hour this isnt something thats going to make you rich. Youd have to operate 2,500 hours to make $5,000 so thats approximately three and a half months, non-stop. The thing with Swagbucks however 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. .