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

There are most likely a bunch of different definitions for of all these depending on who you speak to, but I think the important thing is to recognize there are different types of income and the more you educate and understand it in general the better youll be in recognizing the different opportunities that are on the market. .

I have talked about my journey extensively on my site The Cash Flow Lifestyle - When your passive income exceeds your expenses, you're free to live the life you select.  , so that I will only recap somewhat below so as not to bore you. But feel free to have a look at the website, or just this post for a little more information: Back When I Was Lucky: Unemployed, In Debt, And Living With My Parents - The Money Flow LifestyleBought a three bed 2 bath condoRented out 2 of the roomsThat rent paid for my mortgage allowing me to save money and live in a spot for free.Bought a home with 3 bedrooms.

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Update: 2 possessions. 5 rooms rented. My area paid for plus money in my pocket. Timing was huge for me personally, however, as I was able to purchase a few foreclosure  for VERY cheap in Phoenix during the housing bust, therefore in addition to my original possessions I acquired a few more investment-only rentals.

One month I specifically remember an AC unit breaking so I had to substitute one with my rents that month. This meant I didn't make any rental income that month. But it was also a month in which my dividends struck and for the first time the dividend paymen was 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 pay for my life so long as I didn't go crazy. I could travel and spend my days since I pleased.

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I understood 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 actually hard to generate and it can be squandered with a stupid purchase and now you're back to square one net-net. Don't chase quick, quick, easy returns. Every dollar dropped is really hundreds of dollars over the next 30 years.

I've outlined a good deal of these phases and lessons on my website If you are curious for more detail, hope that was helpful. The Cash Flow Lifestyle - When your passive income exceeds your expenses, you are free to live the life you select. .

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Perth Passive Income Networking Group is a set of positive minded and conscious entrepreneurs that are interested in creating multiple streams of passive income.I am confident you know the quotation along the lines of you're the average of those five people you spend time with by combining our ideas and skills we can all positively influence each other to succeed.

No selling! - if you have a scheme you want to sell on to people this is NOT the group for you.Keep up to dateFacebook (.

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