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Passive income is a bit trickier as many people describe it as nearly exactly the exact same thing as residual income. I personally describe passive income as at which you continually generate money from a source/investment which does not need direct involvement from yourself. So an example might be state a business that I initially started and now I have all of the necessary talent and construction in place the business itself functional where I dont even need to be there for it to continually expand into new areas and generate revenue.

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

I have talked about my journey extensively on my site The Cash Flow Lifestyle - When your passive income exceeds your expenses, you're free to live the life you select.  , so that I will only recap a bit below so as not to bore you. However, don't hesitate 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 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 home with 3 bedrooms.

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Update: 2 properties. 5 rooms rented. My room paid for plus money in my pocket. Timing was huge for me, however, as I managed to buy a couple of foreclosure  for VERY cheap in Phoenix during the housing bust, so in addition to my original possessions I obtained 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 make any rental income that month. Nevertheless, it was a company website month where my dividends hit and for the very 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 actually 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 mad. I could travel and spend my days since I happy.

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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 raised my necessity for increased income. However, I 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're back to square one net-net. Don't chase fast, fast, easy returns. Every dollar dropped is actually hundreds of dollars over the next 30 decades.

I have outlined a lot of these phases and lessons on my own site If you're curious for more detail, hope that was useful. The Cash 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 sure you know the quote along the lines of you are the average of those five people you spend time with by combining our thoughts and skills we can all positively influence each other to succeed.

No selling! - if you have a scheme 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, but there are only 24 hours in a day to do the job. Passive Income will allow you to earn money while you sleep, will take the strain off of you and help you live an easier life. Here are 4 passive income ideas to help you create your initial $20,000 or more online. .