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

There are probably a bunch of different definitions for of most 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 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 are free to live the life you select.  , so I will only recap somewhat below in order not to bore you. However, feel free 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 Cash Flow LifestyleBought a 3 bed 2 bath condoRented out 2 of those roomsThat rent paid for my 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 properties. 5 rooms rented. My room paid for and money in my pocket. Timing was tremendous for me personally, nevertheless, as I managed to purchase a couple of foreclosure  for VERY cheap in Phoenix during the housing bust, so in addition to my original possessions 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 create any rental income which month. But it was also a month in which my dividends struck and for the 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 actually did it was incredible. I semi retired at this point with rents and divdends coming in to cover my life 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 increased my necessity for increased income. However, I focus on increasing my passive income, every month. I want to make 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 really hard 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 during the next 30 decades.

I have outlined a good deal of these phases and lessons on my own website If you are curious for more detail, hope this was useful. The Money Flow Lifestyle - When your passive income exceeds your expenses, you're 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 quote along the lines of you are the average of the five people you spend time with by combining our ideas and skills we can positively influence each other to succeed.

No selling! - if you've got a strategy that you want to market on to people 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 work. Passive Income will allow you to earn money while you sleep, will take the strain off of you and help you live an go to these guys easier life. Here are 4 passive income ideas to help you create your initial $20,000 or more online. .