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"Earned Income vs Passive Income vs Portfolio Income: A Comparison - Just 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 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. Fundamentally, 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 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 is 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 huge gamble. Without residual income, the only thing youd have to reside on is that 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 build, off the better youll be.

By creating passive income flows which generate money while you sleep, youll build wealth quicker and diversify the ways youre able to make money that 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 lot of hard work with no guarantee of a return.With that stated I think its super important to construct as many passive income streams as you can.

Consequently, if this sounds like a good idea to you, check out this list of simple strategies to create residual income and get started right away! .

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You 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 earn from a solution or an investment in which you dont need to do any more work after 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 that you will ever be free of worrying about money and the only way that you could ever achieve financial independence.

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

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Im Home Page 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 make the maximum money on as we proceed through the list so make sure you stick around to catch those last few passive income strategies. .

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

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Swagbucks is a get-paid-to website so that you get paid to do things such as take polls, play video games, watch videos and test out free product samples. Doing each of these, you earn points that are ordinarily 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 users have redeemed over $344 million in rewards for gift cards and Amazon rewards.

Now Ive been using Swagbucks for a while and have found that 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 you could try these out thats about three and a half months, non-stop. The thing with Swagbucks though is you can do it when youre doing something else so I flip through polls and other stuff whilst I'm cooking dinner or even flipping channels. .