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

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

I have talked about my journey extensively on my website The Money Flow Lifestyle - When your passive income exceeds your expenses, you're free to live the life you choose.  , so that I will only recap a bit below in order not to bore you. But feel free to check out the site, 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 bathroom condoRented out 2 of the roomsThat rent paid for my own mortgage allowing me to save money and reside in a spot for free.Bought a house with 3 bedrooms.

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Update: two possessions. 5 rooms rented. My area paid for plus money in my pocket. Timing was huge for me personally, nevertheless, as I managed 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 directory I didn't create any rental income that month. But it was a month in which my dividends struck and for the first time ever 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 cover my life as long as I didn't go mad. I could travel and spend my days as 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 kids also raised my necessity for increased income. However, I always concentrate on increasing my passive income, each month. I want to earn more money next month than I did this month, every single month.

The secret is to keep your expenses low, and then even lower. Passive income is actually tough to generate and it can be squandered with a stupid purchase and now you are back to square one net-net. Don't chase fast, fast, easy returns. Every dollar dropped is actually hundreds of dollars over the next 30 years.

I've outlined a lot of these phases and lessons on my site If you're interested for more detail, hope that was helpful. The Cash Flow Lifestyle - When your passive income exceeds your expenses, you're free to live the life you choose. .

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Perth Passive Income Networking Group is a group of positive minded and conscious entrepreneurs who are interested in creating multiple streams of passive income.I am sure 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 abilities we can positively influence each other to succeed.

No selling! - if you've got a strategy you want to sell on to individuals 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 do the job. Passive Income will allow you to make money while you sleep, will take the pressure from you and help you live an easier life. Here are 4 passive income suggestions that will help you create your initial $20,000 or more online. .