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"Earned Income vs Passive Income vs Portfolio Income: A Comparison - Only 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 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, normally 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 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 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 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 give retirement a shot, youd be taking a huge gamble. Without residual income, the only thing youd need to reside 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 there; hopefully, it is going to grow and continue growing for years to come.The more residual income you can build, 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 earn money that 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 cases, it requires a whole 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 this sounds like a fantastic idea to you, check out this list of easy strategies to make residual income and get started right away! .

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You home can work your butt 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 require a lot of work.

Passive income is money you earn out of a product or an investment in which you dont have to do any more work after you put this up. That means consistent cash flow every month if youre working or not.

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

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

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Im going to begin with the simple passive income thoughts, the ones which you can begin making this contact form money on immediately and will operate through into the ones youll make the maximum money on as we proceed through the list so make sure you stick around to grab those last few passive income strategies. .

Our first side hustle idea is with deal sites like Swagbucks and TopCashBack. Now these are actually two different types of passive income thoughts since theyre different wikipedia reference types of sites.

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Swagbucks is a get-paid-to site so that you get paid to do things like take polls, play video games, watch movies and try out free product samples. Doing all them, you earn points which are usually 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 your 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 so this isnt something thats going to make you wealthy. Youd need 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 that you can take action when youre doing something else I flip through polls and other stuff while I'm cooking dinner or flipping channels. .

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