Update (Aug. 24, 2014): Squidoo is shutting down! Roughly a week ago Squidoo's founder released a statement that the site is going the way of the dodo and will be selling it's content to rival HubPages. It's not a huge surprise if you were familiar with some of the things that were going on there (such as what's noted in my blog post below), but I feel sorry for all the people who devoted hundreds or thousands of man-hours to the site - especially in the past year or so. Before I turned to writing books, I spent some time trying to earn passive/residual income from other writing activities. While the terms are often used interchangeably (I do it myself), there is a slight difference between passive income and residual income. Passive income can be viewed as income a person earns without actively being involved in its generation. A good example would be corporate dividends: you made an initial investment that consisted of buying stock in a company. After that, you don...