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"Earned Income vs Passive Income vs Portfolio Income: A Comparison - Just Ask Ben Exactly 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 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, typically on a monthly basis. Basically, 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 very good, but it isnt what exactly were concerned with in this piece.

Rather than earning an hourly salary, residual income is typically generated through an initial investment of time or money with the goal 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 if you saved enough to give retirement a shot, youd be taking a massive gamble. Without residual income, the only thing youd need to live 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 there; hopefully, it is going to grow and continue growing for 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 manners youre able to make money that 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 circumstances, it takes 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 you can.

So, if that sounds like a good idea to you, have a look at this list of simple ways to create residual income and get started straight away! .

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You can work your ass off to earn 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 need to do any more work once you set this up. That means consistent cash flow every 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 ever be free of worrying about money and the only way you will ever achieve financial independence.

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

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Im going to start with the simple passive income ideas, the ones which you can begin making money on immediately and will work through into the ones youll make the most money on as we proceed through the list so be sure to stick around to catch 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 types of passive income ideas 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 such as take polls, play video games, watch movies and test out free product samples. Doing each of these, you earn points that 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 benefits for gift cards and Amazon rewards.

Now Ive been using Swagbucks for a while and have found the money works out to just under $2 an hour this isnt something thats going to make you rich. Youd need to operate 2,500 why not try this out hours to make $5,000 so thats about three and a half months, non-stop. The thing with Swagbucks though is that you can do it when youre doing something else so I flip through polls and other stuff whilst I'm cooking dinner or flipping channels. .