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"Earned Income vs Passive Income vs Portfolio Income: A Comparison - Just 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's 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. Basically, its your expendable income.For a visual representation, consider this formula: Monthly Net Income Monthly Debt Residual Income.Having expendable income each 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 If 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 give 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 there; hopefully, it is going to grow and continue growing for years to come.The more residual income you can construct, off the better youll be.

By creating passive income flows that generate money while you sleep, youll build wealth quicker and diversify the manners youre able to make money that will help protect you from the loss of any one individual income stream.Now, dont be fooled; passive income doesnt mean easy income. In many cases, it takes a lot of hard work with no guarantee of a return.With that stated I think its super important to build as many passive income flows as possible.

Consequently, if that sounds like a good idea to you, check out this list of easy ways to create residual income and get started straight 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 take a good deal of work.

Passive income is money you make from a solution or an investment in which you dont have to do any more work after you set it 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 that you will ever be free from worrying about money and the only way that you will ever achieve financial independence.

Im going to discuss my seven favorite passive income resources, income flows I use to make money every month. Now Im not going to sugar coat this, some of these 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 easy passive income thoughts, 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 go through the listing so make sure to stick around to grab those last few passive income plans. .

Our first facet hustle idea is with deal websites like Swagbucks and TopCashBack. Now these are actually two different kinds of passive income thoughts because theyre click resources different types of websites.

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Swagbucks is a get-paid-to site so that you get paid to do things such as take surveys, play video games, watch movies and try out free product samples. Doing all them, 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 little while and have found the money works out to just under $2 an hour so this isnt something thats going to make you wealthy. Youd need to work 2,500 hours to make $5,000 so thats about three and a half months, non-stop. The thing with Swagbucks though is that you can do it when youre doing something else I flip through polls and other stuff whilst I'm cooking dinner or flipping channels. .