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Passive income is a bit trickier as many men and women describe it as almost exactly 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 need direct involvement from yourself. So an example could be say a business I initially started and now that I have all the necessary talent and structure in place the business itself 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 all these depending on who you talk to, but I think the important thing is to recognize there are different kinds of income and the more you teach and understand it in general the better youll be in recognizing the different opportunities which are out there. .

I have 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 select.  , so I will only recap somewhat below so as not to bore you. But don't hesitate to have a look at 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 Cash Flow LifestyleBought a three bed 2 bath condoRented out 2 of those roomsThat rent paid for my mortgage allowing me to save money and reside in a place for free.Bought a home 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 personally, nevertheless, 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 obtained a few more investment-only rentals.

One month I especially 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 where my dividends hit 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 actually did it was incredible. I semi retired at this point with rents and divdends coming in anchor to pay for 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 turned site web into a serial entrepreneur of sorts. Getting married and having children also raised my necessity for increased income. But I focus 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 then even lower. Passive income is really tough to generate and it can be wasted with a dumb 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 over the next 30 years.

I've outlined a good deal of these phases and lessons on my website If you're interested for more detail, hope that was useful. The Money 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 that you know the quote along the lines of you are the average of the five people you spend time with by combining our ideas and abilities we can all positively influence each other to succeed.

No selling! - if you've got a scheme you want to sell on to individuals this is NOT the set for you.Keep up to dateFacebook (.

Everyone needs more than one source of income, however there are only 24 hours in a day to do the job. Passive Income will let you earn money while you sleep, will take the pressure off of you and allow you to live an easier life. Listed below are 4 passive income suggestions that will assist you create your initial $20,000 or more online. .