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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's 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. Fundamentally, its own expendable income.For a more 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 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 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 wealth.

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Even if 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 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 ; hopefully, it is going to grow and continue growing for years to come.The more residual income you can build, off the better 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 helps shield 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 stated , I think its super important to build as many passive income streams as you can.

So, if that sounds like a good idea to you, have a look at this list of easy strategies to make residual income and get started straight away! .

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You can work your butt off see to earn money but youll never get anywhere until you start making passive income. I make money on seven different income sources but a number 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 once you put this up. That means consistent cash flow every month whether 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 will ever reach financial independence.

Im going to discuss my seven popular passive income resources, income streams I use to create money every month. Now Im not going to sugar coat this, some 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 easy passive income thoughts, the ones which you can begin making money on instantly and will work through into the ones youll make the most money on as we proceed through the list so make sure to stick around to catch those last few passive income strategies. .

Our very first side holiday idea is with deal websites like Swagbucks and TopCashBack. Now these are actually two different types of passive income ideas since theyre different types of sites.

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Swagbucks is a get-paid-to website so 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 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 so this isnt something thats going to make you rich. Youd need 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 you can take action when youre doing something else I flip through polls and other things whilst I'm cooking dinner or flipping channels. .