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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 word 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, normally on a monthly basis. Fundamentally, its your expendable income.For a visual representation, consider this formulation: 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 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 have to live on is that the money you have saved. Once it's gone, its gone.But, by sticking your money into a 401(k) or other retirement account, your stash doesnt just sit there; hopefully, it will grow and continue growing for years to come.The more residual income you can construct, the better off youll be.

By creating passive income streams that generate money while you sleep, youll build wealth quicker and diversify the ways youre able to make money which will help protect you from the loss of any one individual income stream.Now, dont be fooled; passive income doesnt mean easy income. In many cases, it takes a 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, have a look at this list of simple strategies to make residual income and get started right away! .

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You can work your ass off to make 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 require a good deal of work.

Passive income is money you make out of a product or an investment in which you dont need 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 that you will ever be free from worrying about click for more money and the only way that you will ever reach 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 them 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 which you can start making money on immediately and will work through into the ones youll create the maximum money on as we proceed through the list so make sure you stick around to grab those last few passive income plans. .

Our first side holiday idea is with bargain websites like Swagbucks and TopCashBack. Now these are actually two different kinds of passive income ideas because theyre different kinds of websites.

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Swagbucks is a get-paid-to site so you get paid to do things such as take polls, play video games, watch movies and try out free product samples. Doing all these, you earn points which are 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 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 operate 2,500 hours to make $5,000 so thats about three and Residual Income Ideas in Trinidad and Tobago a half months, non-stop. The thing with Swagbucks though is you can take action when youre doing something else I flip through polls and other stuff while I'm cooking dinner or even flipping channels. .