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"Earned Income vs Passive Income vs Portfolio Income: A Comparison - Just 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 really 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 formula: Monthly Net Income Monthly Debt Residual Income.Having expendable income every month is very good, but it isnt what 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 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 give retirement a shot, youd be taking a massive gamble. Without residual income, the only thing youd have to live on is the money you've saved. Once it's gone, its own gone.But, by sticking your own 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, off the better youll be.

By creating passive income flows that generate money while you sleep, youll build wealth faster and diversify the manners 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 takes a lot of hard work with no guarantee of a return.With that stated I think its super important to construct as many passive income flows as you can.

So, if this sounds like a fantastic idea to you, have a look at this list of simple strategies to create residual income and get started right away! .

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You can work your ass 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 out of a solution or an investment where you dont have to do any more work after you put it 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 you will ever be free of worrying about money and the only way you could ever achieve financial independence.

Im going to share my seven favorite 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 will mean thousands a month you can count on.

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Im going to start with the easy passive income thoughts, the ones which you can begin making money on instantly and will operate through into the ones youll create the most money on as we proceed through the listing so be sure to stick around to grab those last check my reference few passive income plans. .

Our very first facet holiday idea is with deal sites 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 website so you get paid to do things such as take surveys, play video games, watch movies and try out free product samples. Doing each of them, you earn points which are read review 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 the time. Swagbucks users have redeemed over $344 million in rewards for gift cards and Amazon rewards.

Now Ive been using Swagbucks for a little 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 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 things whilst I'm cooking dinner or flipping channels. .

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