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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 clarify 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 that I initially started and now I have all the necessary talent and structure in place the business itself functional where I dont even need 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 all of these depending on who you talk to, however I think that the important thing is to recognize that there are different kinds of income and the further you educate and understand it in general the better youll be in recognizing the different opportunities which are out there. .

I have talked about my journey extensively on my website The Money Flow Lifestyle - When your passive income exceeds your expenses, you're free to live the life you select.  , so I will only recap somewhat below so as not to bore you. But don't hesitate to check out 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 Cash 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 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 tremendous for me, 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 obtained 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 click for more create any rental income which month. But it was also a month where my dividends struck 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 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 understood 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 concentrate 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 to generate and it can be squandered with a dumb purchase and now you are 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 have outlined a lot of these stages and lessons on my own site If you are curious 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 choose. .

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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 confident you know the quote along the lines of you're the average of those five people you spend time with by combining our thoughts and skills we can positively influence each other to succeed.

No selling! - if you've got a strategy you want to market on to people this is NOT the group 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 allow you to make money while you sleep, will take the strain from you and help you live an easier life. Listed below are 4 passive income suggestions that will assist you make your initial $20,000 or more online. .