Residual Income In Trinidad And Tobago - Passive Residual Income for Beginners

"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. Basically, its own expendable income.For a visual representation, consider this formula: 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 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 If You Build Residual IncomeDeveloping residual income is an important part of building long-term wealth.

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Even when you saved enough to provide retirement a shot, youd be taking a huge gamble. Without residual income, the only thing youd need to reside on is 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 ; nonetheless, it is going to grow and continue growing for years to come.The more residual income you can construct, off the better youll be.

By creating passive income streams which generate money while you sleep, youll build wealth quicker and diversify the ways youre able to earn money which 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 cases, it requires 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 you can.

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

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You can work your ass 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 you earn from a solution or an investment where you dont have to do any more work after you set this up. That means consistent cash flow each month whether youre working or not.

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Thats the only true way to financial freedom. Passive income is the only way you will be free from worrying about money and the only way that you could ever achieve financial independence.

Im going to share my seven favorite passive income resources, income flows 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 per month you can count on.

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Im going to begin with the simple passive income thoughts, the ones which you can begin making money on instantly and will operate through into the ones youll create the maximum money on as we proceed through the listing so be sure to stick around to grab those last few passive income strategies. .

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

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Swagbucks is a get-paid-to website so you get paid to do things like take surveys, play video games, watch movies and test out free product samples. Doing all these, you earn points which are ordinarily convertible to one other 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 users have redeemed over $344 million in benefits 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 so this isnt something thats going to make you rich. Youd need 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 you can do it when youre doing something else I flip through surveys and other things while I'm cooking dinner or flipping channels. .