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Passive income is a little trickier as many men and women describe it as almost precisely 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 might be say a business I initially begun and now that I have all the necessary talent and construction in place the business is self functional where I dont even have to be there for this 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, but 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 greater youll be in recognizing the different opportunities which are on the market. .

I've talked about my journey extensively on my site The Money Flow Lifestyle - When your passive income exceeds your expenses, you're free to live the life you select.  , so I will only recap a bit below in order not to give you. But feel free to have a look at 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 Cash Flow LifestyleBought a three 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 properties. 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 couple of foreclosure  for VERY cheap in Phoenix during the housing bust, so in addition to my original properties I obtained 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 which month. Nevertheless, it was a month where my dividends struck and for the first time 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 retired at this point with rents and divdends coming in to pay for my lifestyle so long as I didn't go crazy. I could travel and spend my days as I happy.

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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. But I always concentrate on increasing my passive income, each 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 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 fast, fast, easy returns. Every dollar lost is actually hundreds of dollars over the next 30 years.

I've outlined a lot of these phases and lessons on my own site If you are interested for more detail, hope that was helpful. The Money 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 that are interested in creating multiple streams of passive income.I am sure 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 positively influence one another to succeed.

No selling! - if you have a scheme you want pop over to this site to sell on to people 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 assist you create your first $20,000 or more online. .