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"Earned Income vs Passive Income vs Portfolio Income: A Comparison - Only 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 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've 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 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 objective 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 massive gamble. Without residual income, the only thing youd need to live on is that the money you've saved. Once it's gone, its own gone.But, by sticking your money into a 401(k) or other retirement account, your stash doesnt just sit ; nonetheless, it will grow and continue growing for years to come.The more residual income you can construct, the better off youll be.

By creating passive income streams which generate money while you sleep, youll build wealth quicker and diversify the manners youre able to earn money which helps protect 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 whole lot of hard work with no guarantee of a return.With that said, 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 create residual income and get started straight away! .

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You can work your butt 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 have to do any more work once you set this up. That means consistent cash flow each month if 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 achieve financial independence.

Im going to share my seven popular passive income resources, income streams I use to create money each month. Now Im not going to sugar coat this, a few of these are going to take work but will mean thousands per month you can count on.

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

Our first side holiday idea is with deal websites like Swagbucks and TopCashBack. Now these are actually two different types of passive income ideas because theyre different types of sites.

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Swagbucks is a get-paid-to website so that you get paid to do things like take surveys, play video games, watch movies and test out free product samples. Doing all these, you earn points which are ordinarily 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 consumers have redeemed over $344 million in benefits for gift cards and Amazon rewards.

Now Ive been using Swagbucks for a little while and see it here have found that the money works out to just under $2 an hour this isnt something thats going to informative post 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 you can do it when youre doing something else I flip through polls and other stuff whilst I'm cooking dinner or flipping channels. .