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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's Residual IncomeIn the personal finance world, the word residual income really 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 more visual representation, consider this formula: Monthly Net Income Monthly Debt Residual Income.Having expendable income every 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 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 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 provide retirement a shot, youd be taking a massive gamble. Without residual income, the only thing youd have to reside on is the money you've saved. Once it's gone, its gone.But, by sticking your money into a 401(k) or other retirement account, your stash doesnt just sit ; hopefully, it is going to grow and continue growing for years to come.The more residual income you can construct, the better off youll be.

By creating passive income flows that generate money while you sleep, youll build wealth quicker and diversify the ways youre able to make money which will help protect you from the reduction 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 flows as possible.

So, if this sounds like a fantastic idea to you, check out this list of simple ways to create residual income and get started right site link 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 take a lot of work.

Passive income is money you earn out of a solution or an investment in which you dont have to do any more work after you put this up. That means consistent cash flow each month whether youre working or not.

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Thats the only real way to financial freedom. Passive income is the only way you will be free from worrying about money and the only way that you could ever reach financial independence.

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

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Im going to start with the easy passive income ideas, the ones you can start making money on immediately visit and will operate through into the ones youll create the maximum money on as we proceed through the listing so make sure to stick around to grab 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 kinds of passive income thoughts since theyre different kinds of sites.

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Swagbucks is a get-paid-to website so you get paid to do things like take surveys, play video games, watch videos and try out free product samples. Doing all them, 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 check for a little 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 thats about three and a half months, non-stop. The thing with Swagbucks however is that you can take action when youre doing something else so I flip through surveys and other things while I'm cooking dinner or flipping channels. .