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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 term residual income actually has two different definitions. First, residual income can be considered as the amount of money you have left over after accounting for debts, normally on a monthly basis. Fundamentally, its your expendable income.For a visual representation, consider this formula: Monthly Net Income Monthly Debt Residual Income.Having expendable income every 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 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 riches.

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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 reside 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; nonetheless, it will 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 streams that 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 loss of any one individual income stream.Now, dont be fooled; passive income doesnt mean easy income. In many circumstances, 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 you can.

Consequently, if this sounds like a good idea to you, check out this list of easy ways to make 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 a number of them require a good deal of work.

Passive income is money you earn from a product or an investment where you dont need to do any more work once you set 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 you will ever be free from worrying about money and the only way you could ever reach financial independence.

Im going to share my seven popular passive income sources, income flows I use to make money every month. Now Im not going to sugar coat this, some of them are going to take work but will mean thousands per month helpful site you can count on.

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Im going to begin with the simple passive income thoughts, the ones you can begin making money on immediately and will operate through to the ones youll make the maximum money on as we go through the listing so be sure to stick around to grab those last couple of passive income plans. .

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

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Swagbucks is a get-paid-to website look at more info so that you get paid to do things like take surveys, play video games, watch videos and try out free product samples. Doing all them, you earn points that 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 users have redeemed over $344 million in benefits for gift cards and Amazon rewards.

Now Ive been using Swagbucks for a while and have found the money works out to just under $2 an hour so this isnt something thats going to make you rich. Youd have to operate 2,500 hours to make $5,000 so thats approximately three and a half months, non-stop. The thing with Swagbucks though 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. .