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"Earned Income vs Passive Income vs Portfolio Income: A Comparison - Just Ask Ben Exactly 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've left over after accounting for debts, typically on a monthly basis. Basically, 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 exactly 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 created, 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 if you saved enough to give retirement a shot, youd be taking a massive gamble. Without residual income, the only thing youd need to live on is the money you have saved. Once it's gone, its own gone.But, by sticking your money into a 401(k) or other retirement account, your stash doesnt just sit there; nonetheless, 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 that generate money while you sleep, youll build wealth faster and diversify the ways 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 takes a whole lot of hard work with no guarantee of a return.With that stated I think its super important to construct as many passive income flows as you can.

So, 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! .

Residual Income In Trinidad And Tobago - Passive Residual Income - An Overview

You can work your butt off 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 continue reading this you make from a solution or an investment in which you dont have to do any more work once you set this up. That means consistent cash flow every month if youre working or not.

8 Simple Techniques For Residual Income In Trinidad And Tobago - Passive Residual Income

Thats the only true 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 could ever achieve 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 will mean thousands a month you can count on.

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Residual Income In Trinidad And Tobago - Passive Residual Income - An Overview

Im going to start with the easy passive income thoughts, the ones which you can start making money on immediately and will operate through to the ones youll make the most money on as we proceed through the list so be sure you stick around to catch those last couple of passive income strategies. .

Our very first facet hustle idea is with bargain sites 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 site so that you get paid to do things like take polls, play video games, watch videos and try out free product samples. Doing all these, you earn points that 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 little while and have found the money works out to just under $2 an hour this isnt something thats going to make you wealthy. 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 though is that you can take action when youre doing something else so I flip through surveys and other things whilst I'm cooking dinner or flipping channels. .