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Passive income is a little trickier as many people describe it as almost exactly the same thing as residual income. I personally describe passive income as where you continually generate money from a source/investment that does not require direct involvement from yourself. So an example might be say a business I initially started and now I have all the necessary talent and structure in place the business itself functional where 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 most these depending on who you talk to, however I think that the important thing is to recognize there are different kinds of income and the further you teach and understand it in general the better youll be in recognizing the different opportunities that are out there. .

I've 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 in order not to bore you. However, don't hesitate to check out 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 Money Flow LifestyleBought a three bed 2 bath condoRented out 2 of those roomsThat rent paid for my own mortgage allowing me to save money and live in a place for free.Bought a house with 3 bedrooms.

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Update: 2 possessions. 5 rooms rented. My area paid for plus money in my pocket. Timing was tremendous for me, however, as I was able to purchase a few foreclosure  for VERY cheap in Phoenix during the housing bust, therefore 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 had to replace one with my rents that month. This meant I didn't make any rental income which month. Nevertheless, it was also a month where my dividends hit and for the first time the dividend paymen was HIGHER than my rents.

I knew official site 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 cover my lifestyle as long as I didn't go crazy. I could travel and spend my days since I pleased.

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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. But I always concentrate on increasing my passive income, each month. I want to make 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 tough to generate and it can be squandered 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 over the next 30 decades.

I have outlined a good deal of these stages and lessons on my site If you are curious for more detail, hope that was helpful. 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 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 abilities we can all positively influence one another to succeed.

No selling! - if you've got a scheme you want to market on to individuals this is NOT the group for you.Keep up to 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 let you make money while you sleep, will take the pressure off of 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. .