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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 actually has two different definitions. First, residual income can be considered as the amount of money you have left over after accounting for debts, normally on a monthly basis. Basically, its own expendable income.For a more 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 is 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 if you saved enough to give 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 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 build, 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 earn money that helps protect you from the loss 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 flows as that site you can.

So, if this sounds like a fantastic idea to you, check out this list of simple strategies 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 a number of them require a lot of work.

Passive income is money you make out of a solution or an investment where you dont need to do any more work after you set this 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 that you will be free from worrying about money and the only way that you will ever reach financial independence.

Im going to discuss my seven popular 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 begin with the simple passive income thoughts, the ones which you can start making money on instantly and will work through into the ones youll create the maximum money on as we go through the listing so be sure to stick around to grab those last couple of passive income plans. .

Our very first facet hustle idea is with deal sites like Swagbucks and TopCashBack. Now these are actually two different kinds of passive income ideas because theyre different kinds of websites.

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Swagbucks is a get-paid-to site so you get paid to do things like take polls, play video games, watch movies and test out free product samples. Doing each of them, you earn points that are usually 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 the time. Swagbucks consumers 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 this isnt something thats going to make you rich. 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 you can take action when youre doing something else I flip through surveys and other things whilst I'm cooking dinner or even flipping channels. .

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