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Passive income is money that's earned from an enterprise which has little or no ongoing effort involved. Residual income is not actually a type of income, but rather a calculation that determines how much discretionary money an individual has available to spend after monthly invoices are paid.
One instance of passive income is the gain realized from a rental home that is owned by investors who are not actively involved in managing the property. Another example is a dividend-producing inventory that pays an annual percentage. While an investor should buy the inventory to realize the passive income, no additional effort is required. .
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Residual income is a number that banks often compute when determining whether applicants can afford 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 is left after the subtractions are performed is considered residual income. .
Banks compare an applicant's residual income to the price of living in a particular area to determine if the individual's budget is too tight to handle a mortgage. For instance, an applicant that lives in the South and has a family of four needs to have a residual income of $1,003 a month when he wishes to take out a loan backed by the Veteran's Administration. .
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This site will help you decide which passive residual income resources is Ideal for you based on your current time and resources
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