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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 actually has two different definitions. First, residual income can be thought of as the amount of money you have left over after accounting for debts, typically on a monthly basis. Basically, its own expendable income.For a more 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 salary, 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's earned is generally passive in nature.Why If 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 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 streams that generate money while you sleep, youll build wealth quicker and diversify the ways youre able to make money which will help protect 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 said, I think its super important to build as many passive income flows as you can.

Consequently, if that sounds like a good idea to you, have a look at this list of simple ways 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 some of them take a lot of work.

Passive income is money you make from a product or an investment where you dont have to do any more work after you put this up. That means consistent cash flow each month if youre working or not.

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Thats the only real way to financial freedom. Passive income is the only way that you will ever be free of 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 each month. Now Im not going to sugar coat this, some of these are going to take work but will mean thousands per month you can count on.

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Im going to start with the simple passive income ideas, the ones which you can begin making money on immediately and will operate through to the ones youll make the most money on as we go through the listing so make sure you stick around to grab those last few passive income plans. .

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

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Swagbucks is a get-paid-to website so you get paid to do things that site such as take polls, play video games, watch movies and test out free product samples. Doing each of these, you earn points which are usually convertible to one hundred points for a buck.

Now this isnt you can try here 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 have to operate 2,500 hours to make $5,000 so thats about three and a half months, non-stop. The thing with Swagbucks though is that you can do it when youre doing something else I flip through surveys and other stuff while I'm cooking dinner or even flipping channels. .