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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'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've left over after accounting for debts, typically on a monthly basis. Basically, its your expendable income.For a more visual representation, consider this formulation: Monthly Net Income Monthly Debt Residual Income.Having expendable income each month is great, but it isnt what were concerned with in this piece.

Rather than earning an hourly wage, 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 the money you've saved. Once it is gone, its 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 many years to come.The more residual income you can construct, off the better youll be.

By creating passive income flows which generate money while you sleep, youll build wealth faster and diversify the manners youre able to make money that 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 requires a whole lot of hard work with no guarantee of a return.With that stated I think its super important to construct as many passive income flows as possible.

So, if this sounds like a fantastic idea to you, check out 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 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 in which you dont need to do any more work once you put 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 ever be free from worrying about money and the only way that you could 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 will mean thousands per month you can count on.

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Im going to begin with the simple passive income thoughts, the ones which you can start making money on immediately and will work through to the ones youll create the most money on as we go through the list so make sure to stick around to grab those last few passive income plans. .

Our very first facet holiday idea is with bargain websites like Swagbucks and TopCashBack. Now these are actually two different kinds of passive income thoughts since theyre different kinds of sites.

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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 movies and try out free product samples. Doing all these, you earn points that are usually convertible to one hundred points for a see here 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 rewards 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 so this isnt something thats going to make you wealthy. 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 take action when youre doing something else so I flip through surveys and other things while I'm cooking dinner or flipping channels. .