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

I've 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 select.  , so I will only recap somewhat below in order not to give you. However, feel free to check out the website, 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 3 bed 2 bathroom condoRented out two 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 tremendous for me, however, as I managed to buy a couple of foreclosure  for VERY cheap in Phoenix during the housing bust, therefore 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 needed to replace one with my rents that month. This meant I didn't make any rental income that month. Nevertheless, 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 it would eventually happen, but when it really did it was incredible. I retired at this point with rents and divdends coming in to cover my life so long as I didn't go mad. I could travel and spend my days as I happy.

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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. But I always concentrate on increasing my passive income, each month. I want to make more money next month than I did this month, every single month.

The secret is to keep your expenses low, and read the article then even lower. Passive income is really 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 quick, fast, easy returns. Every dollar dropped is actually hundreds of dollars during the next 30 years.

I have outlined a lot of these phases and lessons on my own site If you are curious for more detail, hope that was useful. The Cash 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 group of positive minded and conscious entrepreneurs that are interested in creating multiple streams of passive income.I am sure that you know the quotation along the lines of you are the average of the five people you spend the most time with by combining our ideas and skills we can positively influence each other to succeed.

No selling! - if you have a strategy 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 make money while you sleep, will take the pressure from you and allow you to live an easier life. Here are 4 passive income suggestions to help you create your initial $20,000 or more online. .