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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 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, normally on a monthly basis. Basically, 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 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 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 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 give retirement a shot, youd be taking a huge gamble. Without residual income, the only thing youd have to live on is the money you have 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 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 earn money that will help shield 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 construct as many passive income flows as you can.

So, if this sounds like a good 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 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 some of them take a good deal of work.

Passive income is money you earn from a product or an investment in which you dont have to do any more work after you set this up. That means consistent cash flow every 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 of worrying about money and the only way you could ever achieve financial independence.

Im going to share my seven favorite passive income resources, 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 image source can count on.

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Im going to begin with the easy passive income thoughts, the ones you can begin making money on instantly and will work through to the ones youll create the most money on as we go through the listing so make sure to stick around to catch those last few passive income plans. .

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

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Swagbucks is a get-paid-to site so that you get paid to do things such as take surveys, play video games, watch movies and test out free product samples. Doing each of them, 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 consumers 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 need to operate 2,500 hours to make $5,000 so thats approximately three and a half months, non-stop. The thing with Swagbucks however is you can take action when youre doing something else I flip through surveys and other stuff whilst I'm cooking dinner or flipping channels. .