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"Earned Income vs Passive Income vs Portfolio Income: A Comparison - Only Ask Ben Exactly 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 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. Fundamentally, its own 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 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's earned is generally passive in nature.Why If 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 have to reside on is that the money you have saved. Once it is gone, its own gone.But, by sticking your money into a 401(k) or other retirement account, your stash doesnt just sit there; hopefully, it is going to 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 flows that generate money while you sleep, youll build wealth faster and diversify the manners youre able to make money which will help 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 takes 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 streams as possible.

Consequently, if this sounds like a fantastic idea to you, have a look at this list of easy ways to create residual income and get started straight 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 a number of them require a lot of work.

Passive income is money you make 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 be free of worrying about money and the only way that you could ever achieve financial independence.

Im going to share my seven favorite passive income sources, income streams 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 may 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 begin making money on instantly and will operate through to the ones youll make the most money on as we proceed through the list so make sure you stick around to catch those last couple of passive income strategies. .

Our first facet holiday idea is with deal 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 website 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 Recommended Site 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 your time. Swagbucks consumers have redeemed over $344 million in benefits 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 though is that you can take action when youre doing something else so I flip through polls and other things whilst I'm cooking dinner or even flipping channels. .