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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 Is Residual IncomeIn the personal finance world, the word 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. Fundamentally, its own expendable income.For a visual representation, consider this formulation: Monthly Net Income Monthly Debt Residual Income.Having expendable income each month is very good, but it isnt what were concerned with in this piece.

Rather than earning an hourly salary, residual income is usually generated through an initial investment of time or money with the goal 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 If You Build Residual IncomeDeveloping residual income is an important part of building long-term riches.

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Even if you saved enough to provide 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 is 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 will grow and continue growing for many years to come.The more residual income you can construct, off the better youll be.

By creating passive income flows that generate money while you sleep, youll build wealth quicker and diversify the manners youre able to earn money which helps shield you from the loss of any one individual income stream.Now, dont be fooled; passive income doesnt mean easy income. In many cases, it takes a whole 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.

So, if this sounds like a good idea to you, have a look at this list of simple ways to create residual income and get started right 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 some of them require a lot of work.

Passive income is money you make out of a product or an investment in which you dont have to do any more work once you put it up. That means consistent cash flow each 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 you will ever achieve financial independence.

Im going to share my seven favorite passive income resources, income flows I use to make money each month. Now Im not going to sugar coat this, a few of these are going to take work but may mean thousands a month you can Find Out More count on.

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

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Im going to start with the easy passive income thoughts, the ones which you can begin making money on instantly and will operate through into the ones youll create the most money on as we proceed through the list so be sure to stick around to grab those last couple of passive income plans. .

Our very first facet hustle idea is with deal Look At This sites like Swagbucks and TopCashBack. Now these are actually two different types of passive income thoughts since theyre different kinds of websites.

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Swagbucks is a get-paid-to site so you get paid to do things such as take polls, play video games, watch videos and try out free product samples. Doing each of these, 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 rewards for gift cards and Amazon rewards.

Now Ive been using Swagbucks for a while and have found that the money works out to just under $2 an hour this isnt something thats going to make you wealthy. Youd need to operate 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 so I flip through polls and other stuff whilst I'm cooking dinner or even Get the facts flipping channels. .