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Passive income is a little trickier as many men and women describe it as almost exactly the same thing as residual income. I personally clarify passive income as at which you continually generate money from a source/investment that does not need direct involvement in yourself. So an example could be say a business I initially started and now that I have all of the necessary talent and construction in place the business itself functional in which I dont even need to be there for this to continually expand into new areas and generate revenue.

There are probably a bunch of different definitions for of most of these depending on who you talk to, however I think the important thing is to recognize there are different kinds of income and the further you educate and understand it in general the better youll be in recognizing the different opportunities which are out there. .

I have talked about my journey extensively on my website The Cash Flow Lifestyle - When your passive income exceeds your expenses, you are free to live the life you select.  , so I will only recap a bit below in order not to bore you. However, don't hesitate to check out the website, or simply this post for a bit more information: Back When I Was Lucky: Unemployed, In Debt, And Living With My Parents - The Cash Flow LifestyleBought a three bed 2 bathroom condoRented out two of those roomsThat rent paid for my own mortgage allowing me to save money and live in a place for free.Bought a house with 3 bedrooms.

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Update: two properties. 5 rooms rented. My area paid for and money in my pocket. Timing was tremendous for me, nevertheless, as I was able to purchase a couple of foreclosure  for VERY cheap in Phoenix during the housing bust, so in addition to my original possessions I obtained a few more investment-only rentals.

One month I specifically remember an AC unit breaking so I needed to substitute one with my rents that month. This meant I didn't make any rental income which month. But it was a month in which my dividends struck and for the first time the dividend paymen has been HIGHER than my rents.

I knew it was possible and that it would eventually happen, but when it really did it was incredible. I semi retired at this point with rents and divdends coming in to cover my lifestyle so long as I didn't go mad. I could travel and spend my days since I happy.

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I realized I loved building things and have since become a serial entrepreneur of sorts. Getting married and having children also raised my necessity for increased income. However, I always focus on increasing my passive income, each month. I want to make more money next month than I did this month, every single month.

The key is to keep your expenses low, and then even lower. Passive income is really hard to generate and it can be squandered with a dumb purchase and now you're back to square one net-net. Don't chase quick, fast, easy returns. Every dollar dropped is actually hundreds of dollars during the next 30 decades.

I have outlined a lot of these stages and lessons on my own website If you're curious for more detail, hope that was helpful. The Money Flow Lifestyle - When your passive income exceeds your expenses, you're free to live the life you select. .

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Perth Passive Income Networking Group is a group of positive important link minded and conscious entrepreneurs who are interested in creating multiple streams of passive income.I am sure that you know the quote along the lines of you are the average of those five people you spend time with by combining our ideas and abilities we can positively influence each other to succeed.

No selling! - if you've got a scheme that you want to sell on to people this is NOT the set for you.Keep up to dateFacebook (.

Everyone needs more than one source of income, but there are only 24 hours in a day to do the job. Passive Income will allow you to earn money while you sleep, will take the pressure from you and allow you to live an easier life. Listed below are 4 passive income suggestions that will help you create your first $20,000 or more online. .