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"Earned Income vs Passive Income vs Portfolio Income: A Comparison - Only 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's 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 your expendable income.For a more 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 wage, 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's earned is generally passive in nature.Why Should 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 provide 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'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 ; hopefully, it will grow and continue growing for years to come.The more residual income you can construct, the better off youll be.

By creating passive income flows that generate money while you sleep, youll build wealth faster and diversify the manners youre able to make money that will help shield you from the reduction 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 said, I think its super important to construct as many passive income flows as possible.

So, if that sounds like a fantastic idea to you, have a his comment is here look at this list of simple ways to make residual income and get started straight away! .

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You can work your ass off to make 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 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 every 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 ever be free of worrying about money and the only way you will ever achieve financial independence.

Im going to share my seven favorite passive income sources, income flows I use to create money every 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 begin with the easy passive income thoughts, the ones which you can start making money on instantly and will work through into the ones youll create the most money on as we go through the listing so be sure you stick around to catch those last few passive income plans. .

Our first facet holiday idea is with bargain sites 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 you get paid to do things like take polls, play video games, watch movies 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. Swagbucks consumers 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 the money works out to just under $2 an hour so this isnt something thats going to make you wealthy. Youd need 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 that you can do it when youre doing something else I flip through polls and other stuff whilst I'm cooking dinner or flipping channels. .