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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 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, normally on a monthly basis. Basically, its own expendable income.For a visual representation, consider this formula: Monthly Net Income Monthly Debt Residual Income.Having expendable income each month is very good, but it isnt what 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 objective 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 give retirement a shot, youd be taking a massive gamble. Without residual income, the only thing youd have to reside on is 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 there; nonetheless, it will grow and continue growing for years to come.The more residual income you can construct, off the better youll be.

By creating passive income flows that generate money while you sleep, youll build wealth quicker and diversify the manners youre able to earn money that helps protect 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 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.

Consequently, if that sounds like a fantastic idea to you, have a look at this list of easy ways to make residual income and get started right away! .

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You can work your ass off to earn money but youll never get anywhere until you start making passive income. I make money on seven different income sources but some of them require a good deal of work.

Passive income is money you make out of a solution or an investment where you dont need to do any more work after you put this up. That means consistent cash flow every 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 that you could ever reach financial independence.

Im going to share my seven favorite passive income sources, income flows I use to create money every month. Now Im not going to sugar coat this, a few of these 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 begin making money go on immediately and will operate through to the ones youll make the most money on as we go through the listing so be sure you stick around to grab those last few passive income plans. .

Our first facet hustle idea is with bargain sites like Swagbucks and TopCashBack. Now these are actually two different kinds of passive income thoughts because theyre different kinds of sites.

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Swagbucks is a get-paid-to site so that you get paid to do things like take polls, play video games, watch movies and test out free product samples. Doing each of them, you earn points that are ordinarily 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 benefits for gift cards and Amazon rewards.

Now Ive been using Swagbucks this page 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 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 take action when youre doing something else so I flip through polls and other things whilst I'm cooking dinner or flipping channels. .