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"Earned Income vs Passive Income vs Portfolio Income: A Comparison - Just 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's Residual IncomeIn the personal finance world, the word 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. 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 usually 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 is 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 huge gamble. Without residual income, the only thing youd need to live 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 ; nonetheless, 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 streams which 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 circumstances, it requires 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 possible.

Consequently, if that 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 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 good deal of work.

Passive income is money you earn out of a product or an investment in which you dont need to do any more work once you put it 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 ever be free from worrying about money and the only way you will ever reach financial independence.

Im going to share my seven favorite passive income resources, income streams I use to create money each month. Now Im not going to sugar coat this, a few of them are going to take work but will mean thousands per month you can count on.

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Im going to begin with the simple passive income thoughts, the ones which you can begin making money on immediately and will operate through to the ones youll create the most money on as we go through the listing so make sure to stick around to grab those last couple of passive income plans. .

Our first side holiday idea is with deal sites like Swagbucks and TopCashBack. Now these are actually two different kinds of passive income thoughts because theyre different kinds of websites.

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Swagbucks is a get-paid-to site so that you get paid to do things like take polls, play video games, watch movies and try out free product samples. Doing all them, you earn points which are ordinarily convertible to see this 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 your 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 that the money works out to just under $2 an hour so 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 so I flip through polls and other stuff while I'm cooking dinner or flipping channels. .