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"Earned Income vs Passive Income vs Portfolio Income: A Comparison - Just 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 really 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 own 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 exactly were concerned with in this piece.

Rather than earning an hourly wage, 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 is 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 when you saved enough to provide 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've 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 ; nonetheless, it is going to grow and continue growing for years to come.The more residual income you can build, off the better youll be.

By creating passive income flows that generate money while you sleep, youll build wealth quicker and diversify the ways youre able to make money that helps 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 said, I think its super important to construct as many passive income streams as you can.

So, if that sounds like a good idea to you, have a look at this list of simple strategies to make residual income and get started straight away! .

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You can work your butt off to make 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 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 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 will ever reach 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 a month you can count on.

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Im going to begin with the simple passive income ideas, the ones you can start making money on instantly and will operate through to the ones youll make the maximum money on as we proceed through the listing so be sure you stick around to catch those last read what he said few passive income plans. .

Our first side hustle idea is with deal websites like Swagbucks and TopCashBack. Now these are actually two different types of passive income thoughts since theyre different types of sites.

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Swagbucks is a get-paid-to site so you get paid to do things such as take surveys, play video games, watch movies and test out free product samples. Doing all these, 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 your time. Swagbucks consumers have redeemed over $344 million in benefits for gift cards and Amazon rewards.

Now Ive been using Swagbucks for a 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 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 do it when youre doing something else I flip through surveys and other things while I'm cooking dinner or flipping channels. .