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"Earned Income vs Passive Income vs Portfolio Income: A Comparison - Only 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 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 your expendable income.For a visual representation, consider this formulation: Monthly Net Income Monthly Debt Residual Income.Having expendable income every month is very good, but it isnt what exactly 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 if you saved enough to provide retirement a shot, youd be taking a massive gamble. Without residual income, the only thing youd have to live on is that the money you have 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 there; nonetheless, it is going to grow and continue growing for many 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 faster and diversify the ways youre able to earn money which 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 cases, it requires a lot of hard work with no guarantee of a return.With that stated , I think its super important to build as many passive income streams as possible.

So, if this sounds like go now a fantastic 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 make 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 product or an investment in which you dont need to do any more work after 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 that you will ever be free of worrying about money and the only way that you could ever reach 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 them 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 thoughts, the ones which you can start making money on immediately and will work through into the ones youll create 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 bargain websites like Swagbucks and TopCashBack. Now these are actually two different types of passive income ideas because theyre different types of sites.

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Swagbucks is a get-paid-to website so that you get paid to do things such as take surveys, 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 the time. Swagbucks users 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 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 while I'm cooking dinner or even flipping channels. .