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Passive income is a bit trickier as many people describe it as almost precisely 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 need direct involvement from yourself. So an example might be say a business that I initially begun and now that I have all of the necessary talent and structure in place the business itself functional where I dont even need to be there for this to continually expand into new areas and generate revenue.

There are probably a bunch of different definitions for of most these depending on who you speak to, but I think that the important thing is to recognize there are different kinds of income and the more you teach and understand it in general the greater youll be in recognizing the different opportunities that are out there. .

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 select.  , 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 Cash Flow LifestyleBought a three bed 2 bathroom condoRented out 2 of those roomsThat rent paid for my mortgage allowing me to save money and reside in a spot 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 huge for me, 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 acquired a few more investment-only rentals.

One month I specifically 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 where my dividends struck and for the first time the dividend paymen has been 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 cover my life as long as I didn't go mad. I could travel and spend my days since 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 children also increased my necessity for increased income. However, I always focus 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 tough 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 dropped is actually hundreds of dollars over the next 30 years.

I have outlined a good deal of these stages and lessons on my own website If you are interested for more detail, hope that was helpful. The weblink 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 set of positive minded and conscious entrepreneurs who are interested in creating multiple streams of passive income.I am sure you know the quotation along the lines of you are the average of the five people you spend time with by combining our ideas and skills we can positively influence each other to succeed.

No selling! - if you've got a scheme that you want to market on to individuals this is NOT the group for you.Keep around 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 strain off of you and allow you to live an easier life. Here are 4 passive income suggestions that will assist you create your first $20,000 or more online. .