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Passive income is a bit trickier as many men and women describe it as almost exactly the exact 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 that I initially started and now I have all of the necessary talent and construction in place the business is self functional where I dont even need to be there for it to continually expand into new places and generate revenue.

There are probably a bunch of different definitions for of all these depending on who you talk to, but I think that the important thing is to recognize that there are different types of income and the more you educate and understand it in general the better youll be in recognizing the different opportunities that are out there. .

I have 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 so as not to bore you. But feel free 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 the roomsThat rent paid for my mortgage allowing me to save money and reside in a spot for free.Bought a home with 3 bedrooms.

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Update: 2 properties. 5 rooms rented. My area paid for plus money in my pocket. Timing was huge for me personally, however, as I was able to purchase a couple of foreclosure  for VERY cheap in Phoenix during the housing bust, therefore 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 needed to substitute one with my rents that month. This meant I didn't create any rental income which month. But it was also a month where my dividends struck and for the very first time ever the dividend paymen was HIGHER than my rents.

I knew it was possible and 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 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 children also raised my necessity for increased income. However, I always 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 secret is to keep your expenses low, and then even lower. Passive income is really hard to generate and it can be wasted with a stupid purchase and now you're 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 decades.

I have outlined a good deal of these stages and lessons on my own site If you're curious 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 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 that you know the quotation along the lines of you're the average of those five people you spend the most time with by combining our ideas and abilities we can positively influence each other to succeed.

No selling! - if you have a strategy you want to sell on to people this is NOT the group for you.Keep up to dateFacebook (.

Everyone needs more than one source of income, however there are only 24 hours look these up in a day to do the job. Passive Income will allow you to make money while you sleep, will take the pressure from you and help you live an easier life. Here are 4 passive income suggestions to help you create your first $20,000 or more online. .