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"Earned Income vs Passive Income vs Portfolio Income: A Comparison - Only 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's Residual IncomeIn the personal finance world, the term 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 own expendable income.For a visual representation, consider this formulation: Monthly Net Income Monthly Debt Residual Income.Having expendable income each month is great, but it isnt what exactly 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 made, the ongoing income that's 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 when you saved enough to give 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 money into a 401(k) or other retirement account, your stash doesnt just sit there; 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 manners 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 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 flows as you can.

So, if that sounds like a good 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 his response 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 out of a solution or an investment in which you dont need to do Get More Info any more work once 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 from worrying about money and the only way you will 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, a few of these are going to take work but may 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 start making money on immediately and will work through to the ones youll create the most money on as we proceed through the listing so make sure to stick around to catch those last few passive income strategies. .

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

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Swagbucks is a get-paid-to site so you get paid to do things like take polls, play video games, watch videos and test out free product samples. Doing each of them, you earn points which are usually convertible to one hundred points sites 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 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 this isnt something thats going to make you rich. Youd have 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 you can take action when youre doing something else I flip through surveys and other things while I'm cooking dinner or even flipping channels. .