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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 Is 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. Basically, its your expendable income.For a visual representation, consider this formulation: Monthly Net Income Monthly Debt Residual Income.Having expendable income each month is great, but it isnt what 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 objective of earning continuous payments. Once the initial investment, product, or service is created, 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 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 the money you have saved. Once it is gone, its own gone.But, by sticking your own money into a 401(k) or other retirement account, your stash doesnt just sit ; 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 streams that generate money while you sleep, youll build wealth faster and diversify the manners youre able to earn money which helps protect 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 lot of hard work with no guarantee of a return.With that saidI think its super important to build as many passive income flows as possible.

So, if this sounds like a good idea to you, check out this list of easy strategies 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 out of a product or an investment where you dont have to do any more work once you put 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 that you will ever be free from worrying about money and the only way you could ever achieve financial independence.

Im going to discuss my seven favorite passive income resources, 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 per month you can count on.

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Im going to start with the easy passive income thoughts, the ones you can start making money on immediately and will work through to the ones youll make the most money on as we proceed through the listing so be sure to stick around to grab those last few passive income plans. .

Our very first facet hustle idea is with deal sites like Swagbucks and TopCashBack. Now these are actually two different types of passive income ideas because 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 movies and try out free product samples. Doing each of them, 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 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 that the money works out to just under $2 an hour so this isnt something thats going to make you rich. 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 you can take action when youre doing something else so I flip through surveys and other things while I'm cooking dinner or flipping channels. see here now .