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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 Is 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've left over after accounting for debts, typically on a monthly basis. Fundamentally, its your 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 wage, 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 made, 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 when you saved enough to provide retirement a shot, youd be taking a massive gamble. Without residual income, the only thing youd need to live on is that the money you've saved. Once it's gone, its own gone.But, by sticking your money into a 401(k) or other retirement account, your stash doesnt just sit ; hopefully, it will grow and continue growing for years to come.The more residual income you can build, the better off youll be.

By creating passive income flows which generate money while you sleep, youll build wealth quicker and diversify the ways youre able to make money which helps shield you from the reduction of any one individual income stream.Now, dont be fooled; passive income doesnt mean easy income. In many circumstances, it requires a lot of hard work with no guarantee of a return.With that said, I think its super important to construct as many passive income streams as possible.

So, if that sounds like a fantastic idea to you, have a look at this list of easy 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 require 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 set it up. That means consistent cash flow every month whether youre working or not.

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

Im going to share my seven popular passive income resources, income streams I use to make money each month. Now Im not going to sugar coat this, a few of them are going to take work but will mean thousands a month you can count on.

If you want more excellent videos on making money and making your money work for you, dont forget to subscribe to this YouTube channel. Its free and were growing a fantastic community. Subscribe and Join the Community.

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Im going to begin with the simple passive income ideas, the ones which 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 you stick around to catch those last few go right here passive income like it strategies. .

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

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Swagbucks is a get-paid-to site so that you get paid to do things such as take surveys, play video games, watch videos and try out free product samples. Doing all these, you earn points which 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 benefits for gift cards and Amazon rewards.

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