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"Earned Income vs Passive Income vs Portfolio Income: A Comparison - Only Ask Ben Exactly 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 word residual income actually has two different definitions. First, residual income can be thought of as the amount of money you've left over after accounting for debts, normally on a monthly basis. Fundamentally, its own expendable income.For a more visual representation, consider this formula: 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 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 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 is gone, its gone.But, by sticking your own money into a 401(k) or other retirement account, your stash doesnt just sit ; hopefully, 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 faster and diversify the ways youre able to make money that will help protect you from the reduction of any one individual income stream.Now, dont be fooled; passive income doesnt mean easy income. In many cases, 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 possible.

Consequently, if that sounds my website 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 butt off to earn 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 take a lot of work.

Passive income is money you make out of a solution or an investment in which you dont have to do any more work after you put this up. That means consistent cash flow each month if youre working or not.

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

Im going to discuss my seven popular passive income resources, income flows I use to make money each month. Now Im not going to sugar coat this, a few of them are going to take work but will mean thousands per month you can count on.

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Im going to begin with the easy passive income ideas, the ones which you can start making money on instantly and will operate through to the ones youll create the maximum money on as we go through the listing so make sure to stick around to grab those last couple of passive income plans. .

Our first facet holiday idea is with bargain websites like Swagbucks and TopCashBack. Now these are actually two different types of passive income ideas since theyre different kinds of sites.

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Swagbucks is a get-paid-to website so you get paid to do things such as take polls, 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 read what he said million in rewards 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 you wealthy. 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 however is that you can do it when youre doing something else I flip through surveys and other things whilst I'm cooking dinner or flipping channels. .