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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've left over after accounting for debts, normally on a monthly basis. Basically, its your 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's earned is generally passive in nature.Why Should 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 the money you've saved. Once it is gone, its 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 years to come.The more residual income you can build, the better off youll be.
By creating passive income streams that generate money while you sleep, youll build wealth faster and diversify the ways youre able to earn money that helps 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 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 flows as you can.
Consequently, if this sounds like a good idea to you, check out this list of easy strategies to make residual income and get started straight 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 earn out of a solution or an investment in which you dont have to do any more work after you set it 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 that you will ever be free of worrying about money and the only way that you will ever reach financial independence.
Im going to discuss my seven favorite passive income sources, income flows I use to create money each month. Now Im not going to sugar coat this, some of them 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 ideas, the ones you can begin making money on immediately and will operate through to the ones youll create the most money on as we proceed through the list so be sure you stick around to grab those last couple of passive income plans. .
Our first facet hustle idea is with bargain websites like Swagbucks and TopCashBack. Now these are actually two different types of passive income thoughts because theyre different kinds of websites.
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Swagbucks is a get-paid-to website so that you get paid to do things such as take polls, play video games, watch movies and test out free product samples. Doing each of these, you earn points that are usually 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 your time. Swagbucks users 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 have to work 2,500 hours to make $5,000 so thats about three and a half months, non-stop. The thing with Swagbucks however is click here for more info you can do it when youre doing something else so I flip through polls and other stuff while I'm cooking dinner or flipping channels. .