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Passive income is a bit trickier as many people describe it as almost exactly the exact same thing as residual income. I personally describe passive income as where you continually generate money from a source/investment that does not require direct involvement in yourself. So an example might be say a business I initially begun and now I have all of the necessary talent and construction in place the business is self functional where 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 the important thing is to recognize that 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 that are out there. .

I have 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 give you. But feel free to have a look at the site, or simply 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 three bed 2 bathroom condoRented out two of the roomsThat rent paid for my own mortgage allowing me to save money and reside in a spot for free.Bought a home 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 buy 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 had to substitute one with my rents that month. This meant I didn't make any rental income that month. But it was also a month where my dividends struck and for the very first time ever the dividend paymen was 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 cover my lifestyle as long as I didn't go crazy. 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 raised my necessity for increased income. But I concentrate on increasing my passive income, each month. I want to earn 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 squandered with a stupid 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 years.

I have outlined a good deal of these stages and lessons on my site If you are curious for more detail, hope that was helpful. 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 group of positive minded and conscious entrepreneurs that are interested in creating multiple streams of passive income.I am confident you know the quote along the lines of you're the average of those five people you spend time with by combining our ideas and skills we can all positively influence one another to succeed.

No selling! - if you've got a strategy that you want to market on to people this is NOT the set for you.Keep around dateFacebook (.

Everyone needs look at these guys more than one source of income, but there are only 24 hours in a day to do the job. 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 that will help you make your first $20,000 or more online. .