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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 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 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 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 created, 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 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 reside on is the money you have saved. Once it's gone, its own gone.But, by sticking your money into a 401(k) or other retirement account, your stash doesnt just sit there; nonetheless, it is going to grow and continue growing for years to come.The more residual income you can build, off the better youll be.

By creating passive income flows that generate money while you sleep, youll build wealth quicker and diversify the manners youre able to earn money that will help 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 said, I think its super important to construct as many passive income streams as you can.

Consequently, if that sounds like a fantastic idea to you, check out this list of simple ways to make residual income and get started right away! .

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You can work your ass off More Bonuses to make 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 good deal of work.

Passive income is money you earn out of a product or an investment where you dont have to do any more work once you put this up. That means consistent cash flow each month if youre working or 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 could ever reach financial independence.

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

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Im going to begin with the simple passive income ideas, the ones you can start making money on instantly and will operate through into the ones youll create the most money on as we proceed through the list so be sure you stick around to grab those last few passive income plans. .

Our first facet holiday idea is with deal sites like Swagbucks and TopCashBack. Now these are actually two different kinds of passive income thoughts because theyre different types of Visit This Link websites.

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Swagbucks is a get-paid-to website so you get paid to do things like take polls, play video games, watch videos and try out free product samples. Doing each of these, you earn points which are usually 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 the time. Swagbucks consumers have redeemed over $344 million in benefits for gift cards and Amazon rewards.

Now Ive been using Swagbucks for a little while and have found the money works out to just under $2 an hour this isnt something thats going to make you rich. Youd have to operate 2,500 hours to make $5,000 so thats about three and a half months, non-stop. The thing with Swagbucks however is that you can take action when youre doing something else I flip through polls and other stuff whilst I'm cooking dinner or flipping channels. .