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Passive income is a bit trickier as many men and women describe it as almost precisely the same thing as residual income. I personally describe passive income as where you continually generate money from a source/investment that does not need direct involvement in yourself. So an example might be state a business that I initially begun and now that 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 this to continually expand into new places and generate revenue.

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

I've talked about my journey extensively on my site The Cash Flow Lifestyle - When your passive income exceeds your expenses, you are free to live the life you select.  , so that I will only recap a bit below in order not to give you. However, feel free 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 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 spot for free.Bought a house with 3 bedrooms.

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Update: 2 properties. 5 rooms rented. My room paid for and money in my pocket. Timing was huge for me personally, nevertheless, as I was able to purchase a few 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 specifically remember an AC unit breaking so I had to replace one with my rents that month. This meant I didn't make any rental income which month. Nevertheless, it was also a month in which my dividends hit and for the very first time the dividend paymen has been 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 crazy. I find more information could travel and spend my days since I happy.

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I realized I loved building things and have since turned into a serial entrepreneur of sorts. Getting married and having children also increased my necessity for increased income. However, I always focus 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 really tough to generate and it can be wasted with a dumb purchase and now you're back to square one net-net. Don't chase quick, fast, easy returns. Every dollar lost is really hundreds of dollars over 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 helpful. The Money 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 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 skills we can positively influence one another to succeed.

No selling! - if you have a strategy that you want to market on to individuals this is NOT the set for you.Keep around 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. Here are 4 passive income ideas that will help you make your initial $20,000 or more online. .