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"Earned Income vs Passive Income vs Portfolio Income: A Comparison - Only Ask Ben Exactly 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 term residual income really has two different definitions. First, residual income can be thought of as the amount of money you have left over after accounting for debts, typically on a monthly basis. Fundamentally, its your expendable income.For a more visual representation, consider this formulation: 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 typically generated through an initial investment of time or money with the objective of earning continuous payments. Once the initial investment, product, or service is made, the ongoing income that is earned is generally passive in nature.Why If You Build Residual IncomeDeveloping residual income is an important part of building long-term wealth.

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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've saved. Once it's gone, its gone.But, by sticking your own money into a 401(k) or other retirement account, your stash doesnt just sit there; nonetheless, 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 flows that generate money while you sleep, youll build wealth quicker and diversify the manners youre able to make money which 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 requires 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.

Consequently, if this sounds like a good idea to you, check out this list of easy ways to create 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 some of them take a lot of work.

Passive income is money you earn out of a product or an investment in which you dont need to do any more work once you set it up. That means consistent cash flow every month if here youre working or not.

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Thats the only true way to financial freedom. Passive income is the only way you will ever 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 resources, income flows I use to create money every month. Now Im not going to sugar coat this, some of these 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 you can start making money on instantly and will operate through to the ones youll create the maximum money on as we go through the listing so make sure you stick around to grab those last few passive income plans. .

Our very first side holiday idea is with deal sites like Swagbucks and TopCashBack. Now these are actually two different types of passive income ideas because theyre different types of websites.

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Swagbucks is a get-paid-to site so that 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 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 this hyperlink Ive been using Swagbucks for a while and have found that the money works out to just under $2 an hour this isnt something thats going to make you wealthy. Youd have to operate 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 I flip through polls and other stuff whilst I'm cooking dinner or even flipping channels. .