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"Earned Income vs Passive Income vs Portfolio Income: A Comparison - Only 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 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. Fundamentally, its your 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 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 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 riches.

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Even when you saved enough to give retirement a shot, youd be taking a massive gamble. Without residual income, the only thing youd need to reside on is the money you have 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 ; nonetheless, it is going to grow and continue growing for many years to come.The more residual income you can build, off the better youll be.

By creating passive income flows which generate money while you sleep, youll build wealth quicker and diversify the manners youre able to make money which will help shield you from the loss of any one individual income stream.Now, dont be fooled; passive income doesnt mean easy income. In many circumstances, it takes 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 flows as you can.

So, if this sounds like a fantastic idea to you, check out this list of easy ways to create residual income and get started right 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 some of them require a lot of work.

Passive income is money you make out of a product or an investment where you dont have to do any more work after you set this up. find out 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 ever be free of worrying about money and the only way you will ever reach 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, some of these 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 ideas, the ones you can start making money on immediately and will operate through into the ones youll make the maximum money on as we proceed through the list so be sure you Click Here stick around to catch those last couple of passive income plans. .

Our first side holiday idea is with bargain websites like Swagbucks and TopCashBack. Now these are actually two different types of passive income ideas since theyre different types of sites.

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Swagbucks is a get-paid-to website so that you get paid to do things like take polls, play video games, watch videos and test out free product samples. Doing all them, you earn points which are usually convertible to one hundred points for a buck.

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 little while and have found the money works out to just under $2 an hour so this isnt something thats going to make you rich. Youd have 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 that you can do it when youre doing something else I flip through polls and visit this site other things whilst I'm cooking dinner or flipping channels. .