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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 actually has two different definitions. First, residual income can be thought of as the amount of money you have left over after accounting for debts, normally 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 great, but it isnt what were concerned with in this piece.

Rather than earning an hourly wage, residual income is typically 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's 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 provide 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 own 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 years to come.The more residual income you can construct, off the better youll be.

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

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

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You can 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 some of them take a lot of work.

Passive income is money you make out of a solution or an investment where you dont need to do any more work once you put this up. That means consistent cash flow each month whether youre working or not.

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Thats the only true way to financial freedom. Passive income is the only way you will ever be free of worrying about money and the only way you will ever reach financial independence.

Im going to share my seven popular passive income resources, income flows 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 a month you can count on.

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Im going to begin with the simple passive income ideas, the ones which you can begin making money on instantly and will operate through to the ones youll create the most money on as we go through Find Out More the listing so be sure you stick around to catch those last few passive income plans. .

Our first side holiday idea is with bargain sites like Swagbucks and TopCashBack. Now these are actually two different types of passive income thoughts because theyre different types 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 try out free product samples. Doing all these, you earn points that are ordinarily convertible to one hundred points for a dollar.

Now click to investigate 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 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 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. .