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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's Residual IncomeIn the personal finance world, the word residual income really has two different definitions. First, residual income can be considered as the amount of money you have left over after accounting for debts, typically on a monthly basis. Fundamentally, its your expendable income.For a more visual representation, consider this formulation: Monthly Net Income Monthly Debt Residual Income.Having expendable income each month is very good, but it isnt what exactly 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 objective of earning continuous payments. Once the initial investment, product, or service is made, 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 when 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 have saved. Once it's gone, its gone.But, by sticking your 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, the better off youll be.

By creating passive income flows which generate money while you sleep, youll build wealth faster and diversify the manners youre able to earn money that will help shield you from the loss 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 saidI 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 simple 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 a number of them require a good deal of work.

Passive income is money you earn from a product or an investment in which you dont need to do any more work once you put this 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 that you will ever be free from worrying about money and the he said only way that you could ever reach financial independence.

Im going to discuss my seven favorite passive income sources, income flows I use to make money each 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 begin with the easy passive income thoughts, the ones which you can begin making money on instantly and will operate through into the ones youll create the maximum money on as we proceed through the list so make sure to stick around to catch those last few passive income plans. .

Our first facet hustle idea is with bargain sites like Swagbucks and TopCashBack. Now these are actually two different types 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 like take surveys, play video games, watch videos and try out free product samples. Doing each of these, 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 so this isnt something thats going to make see post you wealthy. Youd have to work 2,500 hours to make $5,000 click for info so thats approximately three and a half months, non-stop. The thing with Swagbucks however is that you can do it when youre doing something else so I flip through surveys and other things while I'm cooking dinner or even flipping channels. .