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Passive income is money that's earned from an enterprise which has no ongoing effort involved. Residual income is not really a sort of income, but rather a calculation which determines just how much discretionary money an individual has available to spend after monthly bills are paid.

One instance of passive income is the gain realized from a rental property that is owned by investors who are not actively involved in managing the house. Another example is a dividend-producing stock that pays an annual percentage. While an investor must purchase the inventory to see the passive income, no additional effort is required. .

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Residual income is a number that banks often calculate when determining whether applicants can manage a mortgage. To calculate residual income, the bank determines the applicant's income, and then subtracts the anticipated mortgage, property insurance and taxation. Any monthly payments made to credit cards, installment accounts or student loans are also subtracted from income.

The amount that's left after the subtractions are done is considered residual income. .

Banks compare an applicant's residual income into the cost of living in a particular area to determine whether the individual's budget is too tight to handle a mortgage. For instance, an applicant that resides in the South and has a family of four needs to have a residual income of at least $1,003 a month when he wishes to take a loan backed by the Veteran's Administration. .

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This Website will help you decide which passive residual income resources is right for you based on your current time and resources

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