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"Earned Income vs Passive Income vs Portfolio Income: A Comparison - Just 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 thought of as the amount of money you've left over after accounting for debts, typically 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 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 goal of earning continuous payments. Once the initial investment, product, or service is made, 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 if you saved enough to give retirement a shot, youd be taking a huge gamble. Without residual income, the only thing youd need to live on is that 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 ; hopefully, it is going to grow and continue growing for many 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 faster and diversify the manners youre able to earn 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 requires a whole lot of hard work with no guarantee of a return.With that saidI think its super important to construct as many passive income streams as you can.

Consequently, if that sounds like a good idea to you, check out this list of easy strategies 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 good deal of work.

Passive income is money you make from a product or an investment where you dont need to do any more work once you put this up. That means consistent cash flow every month whether youre working or not.

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Thats the only real way to financial freedom. Passive income is the only way you will ever be free of worrying about money and the only way that you will ever reach financial independence.

Im going to share my seven popular passive income resources, income flows I use to create money every 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 start making money on instantly and will operate through into the ones youll make the most money on as we proceed through the list so be sure to stick around to catch those last few passive income strategies. .

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

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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 all these, you earn points which 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 users 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 that 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 approximately three and a half months, non-stop. The thing with Swagbucks though is that you can do her latest blog it when youre doing something else so I flip through polls and other stuff while I'm cooking dinner or even flipping channels. .