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"Earned Income vs Passive Income vs Portfolio Income: A Comparison - Just Ask Ben 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's 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 have left over after accounting for debts, normally on a monthly basis. Fundamentally, its own expendable income.For a more visual representation, consider this formulation: 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 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 when 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 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 will 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 which generate money while you sleep, youll build wealth quicker and diversify the manners youre able to earn money which helps shield you from the reduction 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 saidI think its super important to build as many passive income flows as possible.

Consequently, if that sounds like a browse around here good idea to you, check out this list of easy strategies to make residual income and get started right 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 product or an investment where you dont have to do any more work once you put it up. That means consistent cash flow every 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 ever be free of worrying about money and the only way you will ever achieve financial independence.

Im going to share my seven popular passive income resources, income streams I use to make money every month. Now Im not going to sugar coat this, some of these are going go right here to take work but will mean thousands a month you can count on.

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Im going to start with the simple passive income ideas, the ones you can begin making money on instantly and will work through to the ones youll create the maximum money on as we proceed through the list so be sure you stick around to grab those last couple of passive income plans. .

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

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Swagbucks is a get-paid-to site so that you get paid to do things like take surveys, play video games, watch movies and try out free product samples. Doing each of them, you earn points which are usually 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 that the money works out to just under $2 an hour this isnt something thats going to make you wealthy. Youd have to operate 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 while I'm cooking dinner or even flipping channels. .