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Passive income is a little trickier as many people describe it as nearly exactly the exact same thing as residual income. I personally clarify passive income as where you continually generate money from a source/investment which does not need direct involvement from yourself. So an example might be say a business 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 probably a bunch of different definitions for of all these depending on who you speak to, but I think the important thing is to recognize there are different kinds of income and the more you educate and understand it in general the better youll be in recognizing the different opportunities which are on the market. .

I have talked about my journey extensively on my website The Cash 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 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 bathroom condoRented out two of the roomsThat rent paid for my own mortgage allowing me to save money and live in a spot for free.Bought a house with 3 bedrooms.

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Update: two possessions. 5 rooms rented. My area paid for and money in my pocket. Timing was huge for me personally, nevertheless, as I managed to buy a couple of foreclosure  for VERY cheap in Phoenix during the housing bust, so in addition to my original properties I obtained a couple 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 that month. But it was also a month in which my dividends hit and for the first time ever 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 semi 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 since I happy.

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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 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 quick, quick, easy returns. Every dollar dropped is actually hundreds of dollars during the next 30 years.

I've outlined a good deal of these stages and lessons on my own website If you are curious 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 set of positive minded and conscious entrepreneurs that are interested in creating multiple streams of passive income.I am confident you know the quote along the lines of you're the average of those five people you spend time with by combining our thoughts and skills we can all positively influence one another to succeed.

No selling! - if you've got a strategy that you want to market 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 do the job. Passive Income will let you earn money while you sleep, will take the strain from you and allow you to live an easier life. Here are 4 passive income ideas to help you make your initial $20,000 or more online. .