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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 considered as the amount of money you've left over after accounting for debts, normally on a monthly basis. Fundamentally, its own expendable income.For a more visual representation, consider this formulation: 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 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 give retirement a shot, youd be taking a huge gamble. Without residual income, the only thing youd need to reside on is the money you've saved. Once it is gone, its own gone.But, by sticking your own 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, the better off youll be.

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

So, if check over here that sounds like a fantastic idea to you, have a look at this list of easy ways to create residual income and get started straight away! .

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You can work your butt 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 where you dont have to do any more work after you put it up. That means consistent cash flow every month if youre working or not.

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Thats the only true 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 discuss my seven popular passive income sources, income flows I use to create money every month. Now Im not going to sugar coat this, some of them are going to take work but may mean thousands a month you can count on.

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Im going to begin with the simple passive income thoughts, the ones you can begin making money on instantly and will work through into the ones youll make the maximum money on as we proceed through the listing so be sure to stick around to grab those last few passive income strategies. .

Our first facet hustle idea is with bargain websites like Swagbucks Bonuses and TopCashBack. Now these are actually two different types of passive income ideas 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 polls, play video games, watch videos and test out free product samples. Doing each of these, you earn points that are usually 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 little while and have found the money works site 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 about three and a half months, non-stop. The thing with Swagbucks however is you can do it when youre doing something else I flip through surveys and other stuff whilst I'm cooking dinner or even flipping channels. .