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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 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've left over after accounting for debts, normally on a monthly basis. Fundamentally, its your expendable income.For a visual representation, consider this formula: 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 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 created, 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 provide retirement a shot, youd be taking a massive gamble. Without residual income, the only thing youd need to reside on is that the money you have saved. Once it's gone, its own 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 build, off the better youll be.

By creating passive income flows that generate money while you sleep, youll build wealth faster and diversify the ways youre able to earn money which 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 takes a 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 possible.

So, if that sounds like a good idea to you, check out this list of easy strategies to make residual income and get started straight away! .

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You can This Site work your butt 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 take a lot of work.

Passive income is money you earn out of a product or an investment in which you dont have to do any more work after you set this up. That means consistent cash flow every month whether 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 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 start with the easy passive income thoughts, the ones which you can start making money on instantly and will work through into the ones youll make the maximum money on as we go through the listing so make sure you stick around to catch those last couple of passive income plans. .

Our first facet hustle idea is with deal websites like Swagbucks and TopCashBack. Now these are actually two different kinds of passive income thoughts since theyre different types 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 videos and try out free product samples. Doing each of them, 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 visite site so this isnt something thats going to make you wealthy. Youd need to operate 2,500 hours to make $5,000 so thats about 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 surveys and other stuff whilst I'm cooking dinner or even flipping channels. .