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"Earned Income vs Passive Income vs Portfolio Income: A Comparison - Only 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 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 every month is very good, but it isnt what exactly were concerned with in this piece.

Rather than earning an hourly salary, 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 created, 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 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 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 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 quicker and diversify the manners youre able to earn money that will help shield you from the reduction of any one individual income stream.Now, dont be fooled; passive income doesnt mean easy income. In many circumstances, it requires a whole 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.

So, if that sounds like a fantastic idea to you, have a look at this list of simple strategies to create residual income and get started straight 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 earn out of a solution or an investment in which you dont need to do any more work after you set this up. That means consistent cash flow each month whether youre working or not.

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Thats the only real way to financial freedom. Passive income is the only way you will be free from worrying about money and the only way you will ever reach financial independence.

Im going to share my seven popular passive income sources, income flows I use to make money each month. Now Im not going to sugar coat this, a few of these 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 simple passive income thoughts, the ones you can start making money on instantly and will work through to the ones youll make the most money on as we proceed through the listing so make sure to stick around to catch those last couple of passive income strategies. .

Our very first facet hustle idea is with bargain websites like Swagbucks and TopCashBack. Now site here these are actually two different types of passive income ideas since theyre 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 videos and test out free product samples. Doing all these, you earn points that are usually 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 the time. Swagbucks users 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 so this isnt something thats going to make you wealthy. Youd have to work 2,500 hours to make $5,000 so thats about three and a half months, moved here non-stop. The thing with Swagbucks however is that you can take action when youre doing something else I flip through polls and other things whilst I'm cooking dinner or even flipping channels. .