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"Earned Income vs Passive Income vs Portfolio Income: A Comparison - Just Ask Ben 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 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, typically 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 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 is 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 huge gamble. Without residual income, the only thing youd need to reside on is that the money you have saved. Once it's gone, its gone.But, by sticking your money into a 401(k) or other retirement account, your stash doesnt just sit there; nonetheless, it will 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 ways youre able to earn money that will help shield you from the loss of any one individual income stream.Now, dont be fooled; passive income doesnt mean easy income. In many cases, it takes a whole lot of hard work with no guarantee of a return.With that stated , I think its super important to build as many passive income flows as you can.

So, if that sounds like a fantastic idea to you, check out this list of simple ways to make residual income and get started right away! .

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You can 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 require a lot of work.

Passive income is money you make from a product 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 true way to financial freedom. Passive income is the only way you will be free from worrying about money and the only way you will ever reach financial independence.

Im going to discuss my seven favorite passive income sources, income streams I use to create money each month. Now Im not going to sugar coat this, some of them are going 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 which you can begin making money on immediately and will work through into the ones youll make the maximum money on as we go through the listing so make sure to stick around to catch those last few passive income strategies. .

Our very first facet holiday idea is with deal websites like Swagbucks and TopCashBack. Now these are actually two check it out different types of passive income thoughts because theyre different kinds of websites.

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Swagbucks is a get-paid-to website so you get paid to do things such as take surveys, play video games, watch videos and test out free product samples. Doing all them, you 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 the time. visit this site right here Swagbucks users have redeemed over $344 million in rewards 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 this isnt something thats going to make you rich. 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 however is that you can take action when youre doing something else so I flip through surveys and other things whilst I'm cooking dinner or flipping channels. .