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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 clarify passive income as where you continually generate money from a source/investment that does not require direct involvement in yourself. So an example might be state a business I initially begun and now I have all 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 areas and generate revenue.

There are probably a bunch of different definitions for of all of these depending on who you talk to, however I think that the important thing is to recognize that 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've 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 choose.  , so that 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 Money Flow LifestyleBought a 3 bed 2 bathroom 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 house with 3 bedrooms.

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Update: 2 properties. 5 rooms rented. My area paid for and money in my pocket. Timing was tremendous for me personally, 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 properties 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 create any rental income which month. Nevertheless, it was a month where my dividends hit 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 it actually did it was incredible. I semi retired at this point with rents and divdends coming in to cover my life as 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 concentrate on increasing my passive income, every month. I want to earn 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 hard 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 lost is really hundreds of dollars over the next 30 decades.

I've outlined a lot of these phases and lessons on my own website If you're curious for more detail, hope this was useful. The Cash 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 confident you know the quote along the lines of you are the average go to website 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 scheme you want to sell on to people 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 do the job. Passive Income will allow you to make money while you sleep, will take the strain from you and help you live an easier life. Here are 4 passive income suggestions that will assist you make your first $20,000 or more online. .