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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's Residual IncomeIn the personal finance world, the word residual income actually has two different definitions. First, residual income can be thought of as the amount of money you've left over after accounting for debts, typically on a monthly basis. Basically, its own expendable income.For a visual representation, consider this formulation: Monthly Net Income Monthly Debt Residual Income.Having expendable income each month is great, but it isnt what exactly 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 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 provide retirement a shot, youd be taking a huge gamble. Without residual income, the only thing youd need to reside on is 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 is going to grow and continue growing for many years to come.The more residual income you can build, 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 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 lot of hard work with no guarantee of a return.With that stated , I think its super important to construct as many passive income flows as possible.

Consequently, if this sounds like a fantastic idea to you, check out this list of easy strategies to make 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 require a lot of work.

Passive income is money you make from a solution or an investment where you dont have to do any more work after you put this up. That means consistent cash flow every 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 from worrying about money and the only way that you will ever reach financial independence.

Im going to share my seven favorite passive income sources, income flows I use to create money every month. Now Im not going to sugar coat this, some 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 instantly and will work through to the ones youll create the maximum money on as we proceed through the list so make sure you stick around to grab those last couple of passive income plans. .

Our very first side hustle idea is with deal websites like Swagbucks and TopCashBack. Now these are actually two different kinds 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 each of these, you earn points that 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 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 this isnt something thats going to make you rich. Youd need to work 2,500 hours navigate to this website 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 while I'm cooking dinner or even flipping channels. .