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Passive income is a little trickier as many men and women describe it as almost exactly the same thing as residual income. I personally describe passive income as where you continually generate money from a source/investment that does not need direct involvement from yourself. So an example might be say a business I initially started and now that I have all the necessary talent and construction 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 all of these depending on who you talk to, but I think the important thing is to recognize there are different kinds of income and the further you educate 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 are free to live the life you choose.  , so I will only recap somewhat below in order not to bore you. But feel free to have a look at the website, or simply 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 3 bed 2 bathroom condoRented out 2 of the roomsThat rent paid for my own mortgage allowing me to save money and reside 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 personally, however, 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 acquired a couple more investment-only rentals.

One month I especially remember an AC unit breaking so I had to substitute 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 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 really 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 crazy. I could travel and spend my days since I pleased.

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I realized I loved important source building things and have since become a serial entrepreneur of sorts. Getting married and having children also raised my necessity for increased income. But I always focus 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 quick, quick, easy returns. Every dollar lost is actually hundreds of dollars over the next 30 years.

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 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 who are interested in creating multiple streams of passive income.I am confident you 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 positively influence one another to succeed.

No selling! - if you have a scheme you want to market on to people this is NOT the set for you.Keep around dateFacebook (.

Everyone needs more than one source of income, but 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 pressure from you and help you live an easier life. Listed below are 4 passive income ideas to assist you make your first $20,000 or more online. .