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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 at which you continually generate money from a source/investment that does not require direct involvement from yourself. So an example might be state a business that I initially begun and now I have all of 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 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 more you educate and understand it in general the better youll be in recognizing the different opportunities which are on the market. .

I have talked about my journey extensively on my site The Cash Flow Lifestyle - When your passive income exceeds your expenses, you are free to live the life you choose.  , so that I will only recap a bit below in order not to bore you. However, feel free to have a look at the website, or simply this post for a bit more information: Back When I Was Lucky: Unemployed, In Debt, And Living With My Parents - The Money Flow LifestyleBought a 3 bed 2 bath condoRented out 2 of the roomsThat rent paid for my own 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 plus money in my pocket. Timing was tremendous for me, however, as I managed to purchase a few 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 create any rental income that month. But it was a month in which my dividends struck and for the very first time the dividend paymen was 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 as I happy.

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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 increased my necessity for increased income. But I always focus 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 look here 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 lost is actually hundreds of dollars during the next 30 decades.

I've outlined a lot of these phases and lessons on my own website If you're 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 set of positive minded and conscious entrepreneurs who are interested in creating multiple streams of passive income.I am confident that 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 skills we can all positively influence each other to succeed.

No selling! - if you have a scheme you want to sell 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 make money while you sleep, will take the strain off of you and help you live an easier life. Here are 4 passive income ideas that will assist you create your initial $20,000 or more online. .