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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 really has two different definitions. First, residual income can be thought of as the amount of money you've left over after accounting for debts, typically 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 great, but it isnt what exactly 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 made, 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 the money you have 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 ; nonetheless, it is going to grow and continue growing for years to come.The more residual income you can build, off the better youll be.

By creating passive income streams that generate money while you sleep, youll build wealth faster and diversify the manners youre able to make money that helps protect you from the reduction of any one individual income stream.Now, dont be fooled; passive income doesnt mean easy income. In many circumstances, it takes 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 that sounds like a good idea to you, have a look at this list of easy strategies to make residual income and get started right 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 good deal of work.

Passive income is money you make from a solution or an investment where you dont have to do any more work once you set this up. That means consistent cash flow every Discover More 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 that you will ever reach financial independence.

Im going to share my seven favorite passive income resources, income flows 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 per month you can count on.

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Im going to start with the simple passive income thoughts, the ones which you can begin making money on instantly and will operate through into the ones youll create the maximum money on as we go through the list so make sure you stick around to catch those last couple of passive income strategies. .

Our very first facet holiday idea is with deal 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 videos and try out free product samples. Doing each of them, you earn points which 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 rewards 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 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 that you can do it when youre doing something else so I flip through polls and other things while I'm cooking dinner or even flipping channels. .