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Passive income is a little trickier as many people describe it as nearly precisely the exact same thing as residual income. I personally clarify passive income as where you continually generate money from a source/investment that does not need direct involvement in yourself. So an example might be state a business I initially begun and now I have all of the necessary talent and structure in place the business itself functional in which I dont even have to be there for this to continually expand into new places and generate revenue.

There are probably a bunch of different definitions for of most of these depending on who you talk to, but I think that the important thing is to recognize that there are different kinds of income and the more you educate and understand it in general the greater youll be in recognizing the different opportunities that are out there. .

I've talked about my journey extensively on my website The Cash Flow Lifestyle - When your passive income exceeds your expenses, you're free to live the life you choose.  , so I will only recap a bit below in order not to give you. But feel free 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 those 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 plus money in my pocket. Timing was tremendous for me personally, however, as I was able to buy a few foreclosure  for VERY cheap in Phoenix during the housing bust, therefore in addition to my original properties I acquired a few more investment-only rentals.

One month I specifically remember an AC unit breaking so I needed to substitute one with my rents that month. This meant I didn't make any rental income which month. But it was also a month where my dividends struck and for the very first time the dividend paymen has been Continued 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 cover my lifestyle as long as I didn't go crazy. 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 increased my necessity for increased income. But I always focus on increasing my passive income, each 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 really tough 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, 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 website If you're curious for more detail, hope that 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 confident you dig this know the quotation along the lines of you're the average of the 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 strategy that you want to market on to individuals 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 make money while you sleep, will take the pressure off of you and allow you to live an easier life. Here are 4 passive income suggestions that will assist you make your first $20,000 or more online. .