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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 actually 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 own expendable income.For a more visual representation, consider this formula: Monthly Net Income Monthly Debt Residual Income.Having expendable income every month is great, but it isnt what exactly were concerned with in this piece.

Rather than earning an hourly wage, 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 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 huge gamble. Without residual income, the only thing youd need to reside on is the money you've saved. Once it is gone, its own gone.But, by sticking your own money into a 401(k) or other retirement account, your stash doesnt just sit ; hopefully, it is going to 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 that generate money while you sleep, youll build wealth faster and diversify the manners youre able to make money that will help protect you from the reduction of any one individual income stream.Now, dont be fooled; passive income doesnt mean easy income. In many cases, it takes a lot of hard work with no guarantee of a return.With that saidI think its super important to build as many passive income streams as possible.

Consequently, if that sounds like a fantastic idea to you, have a look at this list of simple strategies to create residual income and get started straight 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 good deal of work.

Passive income is money you make from a product or an investment in which you dont have to do any more work after you put this up. That means consistent cash flow each month whether youre working or my latest blog post not.

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Thats the only true way to financial freedom. Passive income is the only way you will be free of worrying about money and the only way you will ever reach financial independence.

Im going to share my seven favorite passive income sources, income streams I use to create money every month. Now Im not going to sugar coat this, some of them are going to take work but may mean thousands per month you can count on.

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Im going to start with the easy passive income thoughts, the ones which you can begin making money on instantly and will operate through to the ones youll make the most money on as we proceed through the listing so make sure you stick around to catch those browse around this site last few passive income plans. .

Our very first facet 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 website so that 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 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 the 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 rich. Youd have to work 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 take action when youre doing something else so I flip through polls and other things while I'm cooking dinner or even flipping channels. .