Residual Income In Trinidad And Tobago - Passive Residual Income Fundamentals Explained

"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 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 salary, 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 when 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 that 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 ; 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 quicker and diversify the ways youre able to earn money that will help 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 takes 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 streams as possible.

So, if that sounds like a fantastic idea to you, check out this list of easy strategies 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 make from a product or an investment where you dont have to do any more work once you set this anchor up. That means consistent cash flow every 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 of worrying about money and the only way you could ever reach financial independence.

Im going to discuss my seven favorite passive income sources, income flows I use to make money each 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 begin making money on instantly and will work through to the ones youll create the most money on as we go through the listing so make sure to stick around to catch those last few passive income strategies. .

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

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Swagbucks is a get-paid-to site so you get paid to do things such as take polls, play video games, watch movies and test out free product samples. Doing all them, you earn points that 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 users have redeemed over $344 million in benefits 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 operate 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 polls and other stuff while I'm cooking dinner or flipping channels. .