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Passive income is a little trickier as many people describe it as nearly exactly the same thing as residual income. I personally clarify 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 state a business that I initially begun and now that 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 this to continually expand into new places and generate revenue.

There are probably a bunch of different definitions for of all of these depending on who you speak to, however I think the important thing is to recognize 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 select.  , so I will only recap a bit below so as not to give 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 three bed 2 bath condoRented out two of the roomsThat rent paid for my own mortgage allowing me to save money and live in a spot for free.Bought a house with 3 bedrooms.

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Update: two possessions. 5 rooms rented. My room paid for and money in my pocket. Timing was tremendous for me, however, as I managed to buy a few foreclosure  for VERY cheap in Phoenix during the housing bust, therefore in addition to my original possessions I acquired a few 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 a month in which 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 really did it was incredible. I retired at this point with rents and divdends coming in to cover 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. But I always focus on increasing my passive income, every 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 really tough 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, fast, easy returns. Every dollar lost is actually hundreds of dollars during the next 30 years.

I've outlined a lot of these phases and lessons on my own website If you're curious for more detail, hope this was useful. The Cash see this website 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 group of positive minded and conscious entrepreneurs who are interested in creating multiple streams of passive income.I am sure you know the quote along the lines of you're the average of the five people you spend the most time with by combining our thoughts and skills we can positively influence each other to succeed.

No selling! - if you have a strategy that you want to sell 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 work. Passive Income will allow you to make money while you sleep, will take the strain off of you and allow you to live an easier life. Here are 4 passive income ideas to assist you create your first $20,000 or more online. .