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"Earned Income vs Passive Income vs Portfolio Income: A Comparison - Just 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 word 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, normally on a monthly basis. Basically, its own expendable income.For a visual representation, consider this formula: Monthly Net Income Monthly Debt Residual Income.Having expendable income each month is very good, but it isnt what exactly 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 objective 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 If You Build Residual IncomeDeveloping residual income is an important part of building long-term riches.

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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 that the money you have 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 ; hopefully, it is going to grow and continue growing for many years to come.The more residual income you can construct, the better off youll be.

By creating passive income streams which generate money while you sleep, youll build wealth faster and diversify the ways youre able to make money which helps 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 lot of hard work with no guarantee of a return.With that saidI think its super important to build as many passive income streams as you can.

Consequently, if this sounds like a good idea to you, check out this list of simple ways to make residual income and get started straight 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 take a lot 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 put this up. That means consistent cash flow each 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 you will ever achieve financial independence.

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

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Im going to start with the easy passive income ideas, the ones you can start making money on instantly and will operate through into the ones youll create the maximum money on as we proceed through the list so make sure you stick around to catch those last couple of passive income strategies. .

Our first side hustle idea is with deal site here sites like Swagbucks and TopCashBack. Now these are actually two different types of passive income ideas because theyre different types of websites.

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Swagbucks is a get-paid-to website so that you get paid to do things such as take surveys, play video games, watch videos and test out free product samples. Doing all 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 rewards 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 so this isnt something thats going to make you rich. Youd need 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 take action when youre doing something else so I flip through polls and other stuff whilst I'm cooking dinner or flipping channels. .