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

There are probably a bunch of different definitions for of all of these depending on who you talk to, however I think the important thing is to recognize 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 out there. .

I have 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 that I will only recap a bit below so as not to bore you. But don't hesitate to check out the site, or just this post for a bit more information: Back When I Was Lucky: Unemployed, In Debt, And Living With My Parents - The Cash Flow LifestyleBought a three bed 2 bath 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: 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 purchase a few foreclosure  for VERY cheap in Phoenix during the housing bust, so in addition to my original properties I acquired a few more investment-only rentals.

One month I specifically 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 that month. Nevertheless, it was also a month in which my dividends hit and for the very first time ever the dividend paymen was 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 lifestyle as long as I didn't go crazy. I could travel and spend my days as I pleased.

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I realized I loved building things and have since turned into a serial entrepreneur of sorts. Getting married and having kids also raised my necessity for increased income. However, I always focus on increasing my passive income, each 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 hard to generate and it can be wasted with a stupid purchase and now you're back to square one net-net. Don't chase quick, fast, easy returns. Every dollar dropped is actually hundreds of dollars during the next 30 decades.

I have outlined a good deal of these stages and lessons on my own site If you're curious for more detail, hope that was helpful. The Cash Flow Lifestyle - When your passive income exceeds your expenses, you are 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 confident you know the quotation along the lines of you are the average of the five people you spend the most time with by combining our ideas and abilities we can all positively influence each other to succeed.

No selling! - if you have a scheme you want to dig this market on to individuals this is NOT the set 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 allow you to earn money while you sleep, over here will take the pressure from you and allow you to live an easier life. Here are 4 passive income ideas that will assist you create your first $20,000 or more online. .