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"Earned Income vs Passive Income vs Portfolio Income: A Comparison - Only Ask Ben 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 have left over after accounting for debts, typically on a monthly basis. Basically, its own expendable income.For a visual representation, consider this formula: 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 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 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 when you saved enough to give retirement a shot, youd be taking a massive gamble. Without residual income, the only thing youd have to reside on is that the money you have 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 ; hopefully, it is going to grow and continue growing for many years to come.The more residual income you can build, off the better youll be.

By creating passive income streams that generate money while you sleep, youll build wealth quicker and diversify the ways youre able to make 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 saidI think its super important to build 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 ways to make residual income and get started straight away! .

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You can i was reading this work your ass 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 take a good deal of work.

Passive income is money you make out of a solution or an investment in which you dont have to do any more work once you set this 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 way you will ever achieve financial independence.

Im going to discuss my seven popular passive income resources, income flows I use to make money every month. Now Im not going to sugar coat this, some of these are going to take work but will mean thousands a month you can count on.

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Im going to start with the easy passive income thoughts, the ones you can start making money on instantly pop over here and will operate through into the ones youll create the maximum money on as we proceed through the list so make sure you stick around to grab those last couple of passive income strategies. .

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

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Swagbucks is a get-paid-to site so that you get paid to do things like take surveys, play video games, watch movies and try out free product samples. Doing each of these, you earn points that 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 while and have found the money works out to just under $2 an hour this isnt something thats going to make you wealthy. Youd need 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 that you can do it when youre doing something else I flip through polls and other stuff whilst I'm cooking dinner or flipping channels. .