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"Earned Income vs Passive Income vs Portfolio Income: A Comparison - Just 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 Is Residual IncomeIn the personal finance world, the word residual income really has two different definitions. First, residual income can be thought of as the amount of money you have left over after accounting for debts, normally on a monthly basis. Fundamentally, its own expendable income.For a visual representation, consider this formulation: Monthly Net Income Monthly Debt Residual Income.Having expendable income every month is great, but it isnt what 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 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 need to live on is 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 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 faster and diversify the manners youre able to make money which helps shield 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 build as many passive income streams as you can.

So, 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 butt 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 earn from a product or an investment in which you dont have to do any more work once 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 of worrying about money and the only way that you could ever reach financial independence.

Im going to discuss my seven favorite passive income sources, income flows I use to create money every month. Now Im not going to sugar coat this, a few of these are going to take work but will mean thousands per month you can count read this post here on.

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Im going to begin with the easy 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 list so be sure to stick around to grab those last couple of 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 thoughts because theyre different types of sites.

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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 videos and test out free product samples. Doing each of these, 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 the time. Swagbucks consumers have redeemed over $344 million in rewards 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 wealthy. 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 that you can take action when youre doing something else I flip through polls and other things whilst I'm cooking dinner or even flipping channels. .