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Passive income is a little trickier as many men and women describe it as almost precisely the same thing as residual income. I personally describe passive income as at which you continually generate money from a source/investment which does not need direct involvement in yourself. So an example might be state a business that I initially started and now I have all of the necessary talent and construction in place the business itself functional in which 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 all these depending on who you speak to, however I think the important thing is to recognize that there are different types of income and the further you teach and understand it in general the greater youll be in recognizing the different opportunities that are on the market. .

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 select.  , so I will only recap somewhat below so as not to bore you. However, don't hesitate to check out the site, or just this post for a bit more information: Back When I Was Lucky: Unemployed, In Debt, And Living With My Parents - The Money Flow LifestyleBought a 3 bed 2 bath condoRented out 2 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 possessions. 5 rooms rented. My room paid for and money in my pocket. Timing was huge for me, however, as I was able to purchase a few foreclosure  for VERY cheap in Phoenix during the housing bust, so in addition to my original possessions I acquired a few more investment-only rentals.

One month I especially 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 that month. But it was a month in which my dividends hit and for the very first time the dividend paymen was HIGHER than my rents.

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

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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 increased my necessity for increased income. However, I concentrate on increasing my passive income, every 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 tough to generate and it can be squandered with a dumb purchase and now you are back to square one net-net. Don't chase quick, quick, easy returns. Every dollar lost is actually hundreds of dollars over the next 30 years.

I have outlined a lot of these phases and lessons on my site If you are interested for more detail, hope this was helpful. 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 who are interested in creating multiple streams of passive income.I am sure you know the quote along the lines of you are the average of the five people you spend the most time with by combining our ideas and abilities we can positively influence one another to succeed.

No selling! - if you've got a strategy next page that you want to market on to individuals 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 work. Passive Income will allow you to make money while you sleep, will take the pressure off of you and help you live an easier life. Listed below are 4 passive income suggestions that will assist you create your first $20,000 or more online. .