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"Earned Income vs Passive Income vs Portfolio Income: A Comparison - Just Ask Ben 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 thought of as the amount of money you've left over after accounting for debts, normally 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 every month is great, but it isnt what 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 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 the money you've saved. Once it's gone, its gone.But, by sticking your own money into a 401(k) or other retirement account, your stash doesnt just sit there; nonetheless, it will grow and continue growing for many years to come.The more residual income you can build, off the better youll be.
By creating passive income streams that generate money while you sleep, youll build wealth faster and diversify the ways youre able to make money which will help 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 takes a whole 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.
Consequently, if this sounds like a good idea to you, have a look at this list of simple strategies to create residual income and get started straight 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 a number of them require a lot of work.
Passive income is money you make from a solution or an investment where 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 real way to financial freedom. Passive income is the only way that you will ever be free of worrying about money and the only way view it you will ever reach financial independence.
Im going to discuss my seven popular passive income resources, income flows I use to create money each 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 easy passive income thoughts, the ones you can begin 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 couple of passive income strategies. .
Our first side hustle idea is with bargain websites like Swagbucks and TopCashBack. Now these are actually two different go to website kinds of passive income ideas since theyre different types of sites.
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Swagbucks is a get-paid-to site so you get paid to do things such as take surveys, play video games, watch videos and try out free product samples. Doing each of them, you earn points that 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 the time. Swagbucks consumers have redeemed over $344 million in rewards 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 have to operate 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. .