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Passive income is a little trickier as many men and women describe it as nearly exactly the exact same thing as residual income. I personally clarify passive income as where you continually generate money from a source/investment which does not require direct involvement from yourself. So an example might be state a business I initially started and now that I have all the necessary talent and construction in place the business is self functional in which I dont even need to be there for this to continually expand into new areas and generate revenue.

There are most likely a bunch of different definitions for of most these depending on who you talk to, however I think the important thing is to recognize that 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're free to live the life you choose.  , so I will only recap a bit below in order not to bore you. But feel free to have a look at the site, or just 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 2 of the 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: two properties. 5 rooms rented. My room paid for and money in my pocket. Timing was tremendous for me personally, however, as I managed to purchase a couple of 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 specifically remember an AC unit breaking so I had to replace one with my rents that month. This meant I didn't create any rental income which month. But it was 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 that it would eventually happen, but when other it actually did it was incredible. I semi retired at this point with rents and divdends coming in to pay for my life so 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. But 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 secret is to keep your expenses low, and then even lower. Passive income is actually hard to generate and it can be wasted with a dumb purchase and now you're back to square one net-net. Don't chase fast, fast, easy returns. Every dollar dropped is actually hundreds of dollars during the next 30 years.

I've outlined a lot of these stages and lessons on my own website If you are interested for more detail, hope that was useful. The Money Flow Lifestyle - When your passive income exceeds your expenses, you're 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 quote along the lines my company of you are the average of those 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've got a strategy you want to discover here sell on to people this is NOT the group 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. Here are 4 passive income ideas to help you make your first $20,000 or more online. .