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Passive income is a bit trickier as many people describe it as nearly 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 from yourself. So an example could be say a business that I initially started and now I have all of the necessary talent and construction in place the business is self functional in which 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 that the important thing is to recognize that there are different kinds of income and the further you teach and understand it in general the greater youll be in recognizing the different opportunities which are on the market. .

I have talked about my journey extensively on my website The Money 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 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 3 bed 2 bath condoRented out two of those roomsThat rent paid for my own 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 possessions. 5 rooms rented. My room paid for plus money in my pocket. Timing was tremendous for me personally, however, as I managed to buy a couple of foreclosure  for VERY cheap in Phoenix during the housing bust, therefore 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 substitute one with my rents that month. This meant I didn't create any rental income which month. Nevertheless, it was also a month in which my dividends struck and for the first time ever the dividend paymen has been HIGHER than my rents.

I knew it was possible and it would eventually happen, but when it actually did it was incredible. I 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 understood I loved building things and have since turned into a serial entrepreneur of sorts. Getting married and having kids also raised my necessity for increased income. However, I focus on increasing my passive income, each 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 really hard to generate and it can be wasted with a dumb purchase and now you are back to square one net-net. Don't chase fast, quick, easy returns. Every dollar lost is really hundreds of dollars during the next 30 decades.

I've outlined a lot of these phases and lessons on my site If you're curious for more detail, hope this was helpful. The Cash Flow Lifestyle - When your passive income exceeds your expenses, you're free to live the life you select. .

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Perth Passive Income Networking Group is a group of positive minded and conscious entrepreneurs that are interested in creating multiple streams of passive income.I am confident you know the quotation along the lines of you're the average of the five people you spend time with by combining our thoughts and skills we can positively influence one another to succeed.

No selling! - if you've got a strategy 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 work. Passive Income will allow you to earn money while you sleep, will take the pressure off of you and help you live an easier life. Here are 4 passive income suggestions to assist you create your initial $20,000 or more online. .