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Passive income is a little trickier as many people describe it as almost precisely the exact 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 in yourself. So an example could be say a business that I initially begun and now that I have all the necessary talent and structure in place the business is self functional where I dont even need to be there for it 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, but I think the important thing is to recognize that there are different types of income and the further you educate and understand it in general the greater youll be in recognizing the different opportunities that are on the market. .

I've talked about my journey extensively on my site 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 give you. However, don't hesitate to check out the site, or simply 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 two of the roomsThat rent paid for my mortgage allowing me to save money and live in a spot for free.Bought a house with 3 bedrooms.

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Update: 2 possessions. 5 rooms rented. My room paid for plus money in my pocket. Timing was huge for me personally, however, as I managed to buy a couple of foreclosure  for VERY cheap in Phoenix during the housing bust, so in addition to my original properties I obtained a couple more investment-only rentals.

One month I especially remember an AC unit breaking so I had to substitute one with my rents that month. This meant I didn't create any rental income that month. Nevertheless, it was a month in which my dividends struck and for the very 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 lifestyle as long as I didn't go crazy. I could travel and spend my days as 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 kids also increased my necessity for increased income. However, I always focus on increasing my passive income, every month. I want to earn more money next month than why not try these out 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, quick, easy returns. Every dollar dropped is actually hundreds of dollars over the next 30 years.

I've outlined a good deal of these stages and lessons on my site If you're curious for more detail, hope this was helpful. The Cash useful content Flow Lifestyle - When your passive income exceeds your expenses, you are free to live the life you choose. .

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Perth Passive Income Networking Group is a set 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 the five people you spend time with by combining our thoughts and skills we can positively influence each other to succeed.

No selling! - if you have a strategy you want to sell on to people this is NOT the group for you.Keep around Web Site dateFacebook (.

Everyone needs more than one source of income, however there are only 24 hours in a day to work. 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 first $20,000 or more online. .