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"Earned Income vs Passive Income vs Portfolio Income: A Comparison - Only Ask Ben Exactly 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 word 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, normally 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 each month is very good, but it isnt what 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'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 huge gamble. Without residual income, the only thing youd have to reside on is the money you've saved. Once it's gone, its gone.But, by sticking your 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 years to come.The more residual income you can construct, off the better youll be.

By creating passive income streams which generate money while you sleep, youll build wealth faster and diversify the manners youre able to earn money that helps shield 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 lot of hard work with no guarantee of a return.With that saidI think its super important to construct as many passive income streams as possible.

So, if that sounds like a fantastic 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 ass off to earn 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 require a lot 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 it up. That means consistent cash flow each month this website if youre working or not.

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

Im going to share my seven favorite passive income resources, income streams I use to make money each month. Now Im not going to sugar coat this, some of them 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 easy passive income ideas, 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 proceed through the list so make sure to stick around to catch those last couple of passive income plans. .

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

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Swagbucks is a get-paid-to website so you get paid to do things such as take polls, play video games, watch videos and test out free product samples. Doing each of them, you earn points that 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 benefits for gift cards and Amazon rewards.

Now Ive been using Swagbucks for a while and have found that the money works out to just under $2 an hour so this isnt something thats going to make you rich. Youd need 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 do it when youre doing something else I flip through polls and other stuff whilst I'm cooking dinner or even flipping channels. .