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"Earned Income vs Passive Income vs Portfolio Income: A Comparison - Just 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 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 visual representation, consider this formulation: 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 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's earned is generally passive in nature.Why Should You Build Residual IncomeDeveloping residual income is an important part of building long-term wealth.

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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 is gone, its gone.But, by sticking your own money into a 401(k) or other retirement account, your stash doesnt just sit there; hopefully, it is going to grow and continue growing for many years to come.The more residual income you can build, the better off youll be.

By creating passive income flows which generate money while you sleep, youll build wealth faster and diversify the ways 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, have a look at this list of simple ways to create 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 out of a product or an investment where you dont have to do any more work once you set 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 you will be free from worrying about money and the only way that you will ever achieve financial independence.

Im going to discuss my seven favorite passive income resources, income flows I use to make money each month. Now Im not going to sugar coat this, some of them are going to take work but may mean thousands a month you can count on.

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Im going to begin with the easy passive income ideas, the ones which you can start making money on instantly and will see this here work through into the ones youll make the maximum money on as we go through the listing so be sure to stick around to catch those last few passive income strategies. .

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

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Swagbucks is a get-paid-to site so you get paid to do things such as take surveys, play video games, watch videos and test out free product samples. Doing each of these, you earn points which are usually 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 Ive been using Swagbucks for a little 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 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 website here so I flip through polls and other stuff while I'm cooking like this dinner or even flipping channels. .