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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's Residual IncomeIn the personal finance world, the term residual income really has two different definitions. First, residual income can be thought of as the amount of money you've left over after accounting for debts, normally on a monthly basis. Basically, its own 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 exactly were concerned with in this piece.

Rather than earning an hourly wage, residual income is typically generated through an initial investment of time or money with the objective of earning continuous payments. Once the initial investment, product, or service is made, 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 when you saved enough to provide retirement a shot, youd be taking a huge gamble. Without residual income, the only thing youd have to reside on is that the money you've saved. Once it's gone, its own 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 many years to come.The more residual income you can construct, the better off youll be.

By creating passive income streams that generate money while you sleep, youll build wealth faster and diversify the manners youre able to make money that will help shield 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 stated , I think its super important to construct as many passive income flows as you can.

Consequently, if this sounds like a fantastic idea to you, check out this list of easy strategies 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 some of them require 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 set it up. That means consistent cash flow each month whether youre working or not.

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

Im going to discuss my seven favorite passive income sources, 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 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 you can start making money on instantly and will work through to the ones youll make the most money on as we go through the list so be sure to stick around this article to grab those last few passive income plans. .

Our first facet hustle idea is with bargain websites like Swagbucks and TopCashBack. Now these are actually two different kinds of passive income thoughts because theyre different types of websites.

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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 try out free product samples. Doing each of them, you earn points which are ordinarily convertible to 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 consumers 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 that the money works out to just under $2 an hour this isnt something thats going to make you rich. Youd need to work 2,500 hours to make $5,000 so look at more info thats approximately three and a half months, non-stop. The thing with Swagbucks though is you can take action when youre doing something else I flip through surveys and other things whilst I'm cooking dinner or flipping channels. .