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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 word residual income actually has two different definitions. First, residual income can be considered as the amount of money you've left over after accounting for debts, normally on a monthly basis. Basically, its own expendable income.For a visual representation, consider this formula: 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 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 made, 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 when 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 is gone, its own gone.But, by sticking your 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 construct, 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 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 requires a whole lot of hard work with no guarantee of a return.With that said, I think its super important to build as many passive income streams as possible.

So, if that sounds like a fantastic 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 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 a number of them require a lot of work.

Passive income is money you make out of a product or an investment where you dont need to do any more work after you put it up. That means consistent cash flow each 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 be free from worrying about money and the only way that you will ever reach financial independence.

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

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Im going to begin with the easy passive income thoughts, the ones you can begin making money on immediately and will work 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 first facet hustle idea is with bargain websites like Swagbucks and TopCashBack. Now these are actually two different kinds of passive income ideas since theyre different types of websites.

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