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Passive income is a little trickier as many men and women describe it as almost precisely the same thing as residual income. I personally clarify passive income as at which you continually generate money from a source/investment that does not require direct involvement from yourself. So an example could be say a business that I initially begun and now I have all the necessary talent and structure in place the business itself functional where I dont even have 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 of these depending on who you speak to, but I think the important thing is to recognize that 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 that are out there. .

I have talked about my journey extensively on my website The Cash 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 in order not to bore you. But don't hesitate to have a look at the website, 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 two of those roomsThat rent paid for my own mortgage allowing me to save money and live in a spot for free.Bought a home with 3 bedrooms.

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Update: 2 possessions. 5 rooms rented. My room paid for and money in my pocket. Timing was huge for me, 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 properties I acquired a couple more investment-only rentals.

One month I specifically remember an AC unit breaking so I needed to replace one with my rents that month. This meant I didn't create any rental income that month. But it was a month where my dividends hit and for the first time ever the dividend paymen has been HIGHER than my rents.

I knew it was possible and 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 pay for my life as long as I didn't go mad. I could travel and spend my days since 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 concentrate on increasing my passive income, every month. I want to make 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 dumb purchase and now you are back to square one net-net. Don't chase fast, quick, easy returns. Every dollar lost is really hundreds of dollars over the next 30 decades.

I've outlined a good deal of these phases and lessons on my own site If you're interested for more detail, hope that was useful. The Cash Flow Lifestyle - When your passive income exceeds your expenses, you are free Continued to live the life you select. .

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Perth Passive Income Networking Group is a group of positive minded and conscious entrepreneurs who are interested in creating multiple streams of passive income.I am sure that you click site know the quotation along the lines of you are the average of those five people you spend time with by combining our ideas and skills we can all positively influence each other to succeed.

No selling! - if you've got a scheme that you want to market on to individuals 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 suggestions to help you create your first $20,000 or more online. .