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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's 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. Basically, its own expendable income.For a visual representation, consider this formula: Monthly Net Income Monthly Debt Residual Income.Having expendable income each month is very good, but it isnt what exactly were concerned with in this piece.

Rather than earning an hourly salary, 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 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 live 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 will grow and continue growing for many 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 quicker and diversify the ways youre able to earn money that helps protect you from the loss 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 said, I think its super important to construct as many passive income flows as possible.

So, if this sounds like a good idea to you, have a look at this list of easy strategies to create 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 good deal of work.

Passive income is money you earn from a product or an investment in which you dont have to do image source any more work after you put this up. That means consistent cash flow each month if youre working or not.

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Thats the only true way to financial freedom. Passive income is the only way that you will ever be free from worrying these details about money and the only way you will ever achieve financial independence.

Im going to discuss my seven popular passive income sources, 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 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 start making money on immediately and will operate through to the ones youll create the most money on as we proceed through the list so be sure to stick around to catch those last few passive income strategies. .

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

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Swagbucks is a get-paid-to website so that you get paid to do things like take polls, play video games, watch movies and test out free product samples. Doing all these, you earn points that 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 the time. Swagbucks users have redeemed over $344 million in rewards for gift cards and Amazon rewards.

Now Full Article Ive been using Swagbucks for a 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 have to work 2,500 hours to make $5,000 so thats approximately three and a half months, non-stop. The thing with Swagbucks though is that you can take action when youre doing something else so I flip through surveys and other things while I'm cooking dinner or even flipping channels. .