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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 word 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, normally on a monthly basis. Fundamentally, its own 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 objective 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 when you saved enough to provide retirement a shot, youd be taking a massive gamble. Without residual income, the only thing youd need to live on is that the money you've 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 there; hopefully, it will grow and continue growing for years to come.The more residual income you can build, the better off youll be.

By creating passive income streams which generate money while you sleep, youll build wealth faster and diversify the manners youre able to earn 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 circumstances, it requires a lot of hard work with no guarantee of a return.With that saidI think its super important to build as many passive income streams as you can.

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

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You can work your butt off to make money but youll never get anywhere until you start hop over to here 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 out of a product or an investment in which you dont have to do this any more work once you set it up. That means consistent cash flow each month whether 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 be free from worrying about money and the only way you could ever achieve financial independence.

Im going to discuss my seven favorite passive income resources, income flows I use to make money every month. Now Im not going to sugar coat this, some of these are going to take work but may 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 over at this website and will operate through into the ones youll make the most money on as we go through the listing so make sure to stick around to grab those last couple of passive income plans. .

Our first facet hustle idea is with bargain 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 website so you get paid to do things like take polls, play video games, watch movies 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 users have redeemed over $344 million in rewards 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 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 you can do it when youre doing something else so I flip through surveys and other things whilst I'm cooking dinner or even flipping channels. .