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"Earned Income vs Passive Income vs Portfolio Income: A Comparison - Just Ask Ben 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 Is Residual IncomeIn the personal finance world, the term residual income actually has two different definitions. First, residual income can be considered 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 visual representation, consider this formulation: Monthly Net Income Monthly Debt Residual Income.Having expendable income each month is great, 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 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 riches.

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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 have to reside on is that the money you have saved. Once it is gone, its own gone.But, by sticking your own money into a 401(k) or other retirement account, your stash doesnt just sit ; nonetheless, it is going to grow and continue growing for many years to come.The more residual income you can construct, off the better youll be.

By creating passive income flows which generate money while you sleep, youll build wealth quicker and diversify the manners youre able to earn money that will help protect 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, check these guys out I think its super important to build as many passive income flows as possible.

Consequently, 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 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 good deal of work.

Passive income is money you earn from a product or an investment where you dont have to do any more work once you put it up. That means consistent cash flow every month if youre working click 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 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, a few of these are going to take work but may mean thousands per month you can count on.

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Im going to start with the simple passive income thoughts, the ones you can start making money on immediately and will operate through to the ones youll create the maximum money on as we go through the list so be sure you stick around to grab those last few passive income plans. .

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

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Swagbucks is a get-paid-to website so that you get paid to do things like take surveys, play video games, watch movies and test out free product samples. Doing each of them, you earn points that 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 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 that the money works out to just under $2 an hour this isnt something thats going to make you wealthy. Youd need to operate 2,500 hours to make $5,000 so thats approximately 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 things whilst I'm cooking dinner or flipping channels. .

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