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"Earned Income vs Passive Income vs Portfolio Income: A Comparison - Just Ask Ben Exactly 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 have left over after accounting for debts, normally on a monthly basis. Basically, its own expendable income.For a more 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 wage, 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 is earned is generally passive in nature.Why If You Build Residual IncomeDeveloping residual income is an important part of building long-term riches.

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Even when 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 that the money you've saved. Once it is gone, its own 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 years to come.The more residual income you can build, off the better youll be.

By creating passive income streams which generate money while you sleep, youll build wealth faster and diversify the ways 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 circumstances, 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 streams as possible.

So, if that sounds like a good idea to you, have a look at this list of easy ways to create residual income and get started right away! .

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You can work your ass off 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 take a lot of work.

Passive income this link is money you earn out of a product or an investment where you dont have to do any more work once you set this up. That means consistent cash flow every month whether youre working or not.

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Thats the only true way to financial freedom. Passive income is the only way that you will be free from 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 may mean thousands per month you can count on.

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Im going to start with the simple passive income ideas, the ones you can begin making money on instantly and will work through to the ones youll create the maximum money on as we proceed through the listing so make sure you stick around to grab those last couple of passive income strategies. .

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

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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 try out free product samples. Doing all these, you earn points that are usually convertible to one hundred points for a dollar.

Now this address 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 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 wealthy. 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 you can take action when youre doing something else I flip through polls and other stuff whilst I'm cooking dinner or flipping channels. .