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"Earned Income vs Passive Income vs Portfolio Income: A Comparison - Just Ask Ben 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 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, 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 every month is very good, but it isnt what 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 objective 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 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 massive gamble. Without residual income, the only thing youd need to live on is that the money you've 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 ; hopefully, it will 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 quicker and diversify the ways youre able to make money which helps protect you from the loss of any one individual income stream.Now, dont be fooled; passive income doesnt mean easy income. In many cases, it requires a lot of hard work with no guarantee of a return.With that stated , I think its super important to build as many passive income flows as possible.

So, if this sounds like a fantastic idea to you, have a look at this list of easy ways to make residual income and get started right 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 a number of them require a lot of work.

Passive income is money you make from a product or an investment in which you dont need to do any more work after you put it up. That means consistent cash flow every month if 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 of worrying about money and the only use this link way you could ever reach financial independence.

Im going to discuss my seven favorite passive income resources, income flows I use to create 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 start with the easy passive income thoughts, 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 go through the list so make sure you stick around to grab those last few passive income plans. .

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

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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 videos and test out free product samples. Doing each of these, you earn points which 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 your time. Swagbucks consumers have redeemed over $344 million in rewards for gift cards and Amazon rewards.

Now 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 about three and a half months, non-stop. The thing with Swagbucks however is 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. .