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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 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 formula: 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 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 made, the ongoing income that is 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 if you saved enough to provide retirement a shot, youd be taking a huge gamble. Without residual income, the only thing youd have to reside on is 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 there; nonetheless, it is going to grow and continue growing for many years to come.The more residual income you can build, the better off youll be.

By creating passive income flows that generate money while you sleep, youll build wealth faster and diversify the ways youre able to earn money which helps 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 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.

Consequently, if this sounds like a fantastic idea to you, check out this list of simple ways to create residual income and get started straight away! .

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You can work your ass off to make 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 good deal of work.

Passive income is money you earn out of a product or an investment where you dont need to do any more work after you put this 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 of worrying about money and the only way that you could ever achieve financial independence.

Im going to discuss my seven popular passive income resources, income streams I use to make money each month. Now Im not going to sugar coat this, some 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 simple passive income thoughts, the ones which you can start making money on immediately and will work through to the ones youll create the maximum money on as we proceed through the listing so be sure to stick around to catch those last few passive income strategies. .

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

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Swagbucks is a get-paid-to site so that you get paid to do best site things such as take polls, play video games, watch movies and try out free product samples. Doing each of them, you earn points which are ordinarily 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 your 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 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 approximately 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 surveys and other stuff while I'm cooking dinner or flipping channels. .