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"Earned Income vs Passive Income vs Portfolio Income: A Comparison - Only Ask Ben Exactly 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 thought of 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 more visual representation, consider this formulation: Monthly Net Income Monthly Debt Residual Income.Having expendable income each 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 goal 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 Should You Build Residual IncomeDeveloping residual income is an important part of building long-term wealth.

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Even when you saved enough to give retirement a shot, youd be taking a huge gamble. Without residual income, the only thing youd need to reside on is the money you've saved. Once it is gone, its gone.But, by sticking your money into a 401(k) or other retirement account, your stash doesnt just sit there; nonetheless, it is going to grow and continue growing for years to come.The more residual income you can construct, off the better youll be.

By creating passive income streams that generate money while you sleep, youll build wealth quicker and diversify the manners youre able to earn 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 said, I think its super important to build as many passive income flows as possible.

Consequently, if this sounds like a fantastic idea to you, check out this list of easy ways to make 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 a number of them require a good deal of work.

Passive income is money you earn out of a solution or an investment where you dont have to do any more work after you set it up. That means consistent cash flow every month if youre working or not.

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Thats the only real way to financial freedom. Passive income is the only way you will ever be free of worrying about money and the only way you could ever reach financial independence.

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

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Im going to start with the easy passive income thoughts, the ones you can start making money on immediately and will work through into the ones youll make the most money on as we proceed through the list so be sure to stick around to grab those last few passive income strategies. .

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

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Swagbucks is a get-paid-to site so that 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 which are ordinarily 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 benefits for gift cards and Amazon rewards.

Now Ive been using Swagbucks for a little while and have found that the money works out to just under $2 an hour this isnt something thats going to make you rich. Youd this content have to work 2,500 hours to make $5,000 so thats about three and a half months, non-stop. The thing with Swagbucks though is you can do it when youre doing something else so I flip through surveys and other stuff while I'm cooking dinner or even flipping channels. .

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