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"Earned Income vs Passive Income vs Portfolio Income: A Comparison - Only 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 term 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, typically on a monthly basis. Fundamentally, its your 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 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 Should You Build Residual IncomeDeveloping residual income is an important part of building long-term wealth.

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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 have to live on is that the money you have saved. Once it is gone, its gone.But, by sticking your own money into a 401(k) or other retirement account, your stash doesnt just sit ; nonetheless, 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 which generate money while you sleep, youll build wealth quicker and diversify the manners youre able to earn money which helps protect you from the reduction 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 said, I think its super important to build as many passive income streams as possible.

Consequently, if this sounds like a fantastic 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 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 lot of work.

Passive income is money you make out of a solution or an investment where you dont have to do any more work after you put this up. That means consistent cash flow every 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 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 sources, income flows I use to create money every 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.

If you want more excellent movies on making money and making your money work for you, dont forget to register to this YouTube channel. Its free and were growing a fantastic community. Subscribe and Join the Community.

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

Our very first side hustle idea is with deal websites 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 website so you get paid to do things such as take surveys, play video games, watch movies and browse around these guys test out free product samples. Doing all 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 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 the money works out to just under $2 an hour so this isnt something thats going to make you rich. Youd need to work 2,500 hours to make $5,000 discover this info here so thats about three and a half months, non-stop. The thing with Swagbucks however is that you can do it when youre doing something else so I flip through surveys and other stuff whilst I'm cooking dinner or flipping channels. .