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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 could be state a business that I initially started and now I have all the necessary talent and construction in place the business is self functional in which I dont even have 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 of these depending on who you speak to, but I think the important thing is to recognize there are different types of income and the further you educate and understand it in general the better youll be in recognizing the different opportunities which are out there. .

I've talked about my journey extensively on my website The Money 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. However, don't hesitate to check out the site, or just 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 3 bed 2 bathroom condoRented out 2 of the roomsThat rent paid for my mortgage allowing me to save money and live in a place for free.Bought a home with 3 bedrooms.

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Update: two possessions. 5 rooms rented. My room paid for and money in my pocket. Timing was tremendous for me, nevertheless, as I managed to purchase a couple of 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 index 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 which month. Nevertheless, it was also a month where my dividends struck and for the very 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 cover my lifestyle so long as I didn't go mad. I could travel and spend my days as 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 kids also increased my necessity for increased income. But I 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 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 quick, quick, easy returns. Every dollar dropped is actually hundreds of dollars over the next 30 years.

I've outlined a good deal of these phases and lessons on my site If you're interested 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 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 are the average of the five people you spend the most time with by combining our ideas and skills we can all positively influence each other to succeed.

No selling! - if you've got a strategy you want to sell on to people this is NOT the group for you.Keep around dateFacebook (.

Everyone needs more than one source of income, but there are only 24 hours in a day to work. Passive Income will allow you to make money while you sleep, will take the pressure off of you and help you live an easier life. Here are 4 passive income ideas to help you create your first $20,000 or more online. .