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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 at which you continually generate money from a source/investment that does not need direct involvement in yourself. So an example might be say a business that I initially started and now that I have all the necessary talent and structure in place the business is self functional in which I dont even need to be there for this 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 that the important thing is to recognize 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 website The Cash Flow Lifestyle - When your passive income exceeds your expenses, you are 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 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 two of the roomsThat rent paid for my own mortgage allowing me to save money and live in a place for free.Bought a house with 3 bedrooms.

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Update: 2 possessions. 5 rooms rented. My area paid for plus money in my pocket. Timing was tremendous for me personally, however, as I was able to buy a few foreclosure  for VERY cheap in Phoenix during the housing bust, so in addition to my original possessions I acquired a couple 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. But it was a month where my dividends struck and for the very first time the dividend paymen was HIGHER than my rents.

I knew it was possible and that it would eventually happen, but when it really did it was incredible. I retired at this point with rents and divdends coming in to pay for my lifestyle as long as I didn't go crazy. I could travel and spend my days as 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. But I focus on increasing my passive income, each month. I want to make more money next month than I did this month, every special info 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 squandered 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 actually hundreds of dollars over the next 30 decades.

I have outlined a lot of these phases and lessons on my site If you are interested 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 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 confident that you know the quotation along the lines of you're the average of those five people you spend time with by combining our ideas and skills we can all positively influence each other to succeed. blog

No selling! - if you have a scheme you want to sell on to individuals this is NOT the set for you.Keep around dateFacebook (.

Everyone needs more than one source of income, however 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 allow you to live an easier life. Here are 4 passive income suggestions that will help you create your initial $20,000 or more online. .