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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 thought of as the amount of money you have left over after accounting for debts, typically on a monthly basis. Fundamentally, 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 usually 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 provide 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 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, off the better youll be.

By creating passive income flows which generate money while you sleep, youll build wealth quicker and diversify the ways youre able to make money which 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 takes a whole 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 you can.

So, if this sounds like a fantastic idea to you, check out this list of easy ways to create residual income and get started right away! .

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You can work your butt off to earn money but youll never get anywhere until you start making passive income. I make money next page on seven different income sources but some of them take a lot of work.

Passive income is money you make out of a product or an investment in which you dont have to do any more work after you set this up. That means consistent cash flow each month if 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 could ever reach financial independence.

Im going to discuss my seven popular passive income resources, income streams I use to make money every month. Now Im not going to sugar coat this, a few of these are going to take work but may mean thousands a month you can count on.

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Im going to begin with the easy passive income thoughts, the ones you can start making money on immediately and will operate through into the ones youll make the maximum money on as we proceed through the list so make sure to stick around to catch those last few passive income strategies. .

Our very first side holiday idea is with bargain sites Click Here like Swagbucks and TopCashBack. Now these are actually two different kinds of passive income thoughts since theyre different types of sites.

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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 test out free product samples. Doing each of them, you earn points which 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 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, non-stop. The thing with Swagbucks however is you can take action when youre doing something else so I flip through surveys and other things while I'm cooking dinner or even flipping channels. .