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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 describe passive income as where you continually generate money from a source/investment which does not need direct involvement in yourself. So an example might be state a business that I initially started and now I have all the necessary talent and structure in place the business itself functional where I dont even have 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 of these depending on who you talk to, but I think that the important thing is to recognize there are different kinds of income and the further you educate and understand it in general the greater youll be in recognizing the different opportunities which are out there. .

I've talked about my journey extensively on my site The Money Flow Lifestyle - When your passive income exceeds your expenses, you are 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 website, or just this post for a bit more information: Back When I Was Lucky: Unemployed, In Debt, And Living With My Parents - The Money Flow LifestyleBought a three bed 2 bathroom 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 home with 3 bedrooms.

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Update: 2 possessions. 5 rooms rented. My area paid for and money in my pocket. Timing was huge for me, 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 properties I acquired a couple more investment-only rentals.

One month I especially remember an AC unit breaking so I needed to replace one with my rents that month. This meant I didn't create any rental income that month. Nevertheless, it was a month in which my dividends hit and for the very first time the dividend paymen was official source HIGHER than my rents.

I knew it was possible and that 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 pay for 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 become 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 secret is to keep your expenses low, and then even lower. Passive income is really hard to generate and it can be squandered with a stupid purchase and now you're back to square one net-net. Don't chase quick, quick, easy returns. Every dollar dropped is really hundreds of dollars over the next 30 decades.

I've outlined a lot of these stages and lessons on my own site If you are interested for more detail, hope that was useful. The Money Flow Lifestyle - When your passive income exceeds your expenses, you're 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 thoughts and abilities we can 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. Listed below are 4 passive income suggestions that will help you make your first $20,000 or more online. .