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Passive income is a bit trickier as many men and women describe it as nearly 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 require direct involvement in yourself. So an example might be say a business that I initially started and now that I have all of the necessary talent and structure 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 probably a bunch of different definitions for of most these depending on who you speak 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 which 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're free to live the life you choose.  , so that I will only recap a bit below so as not to bore you. However, feel free to check out the site, or just this post for a bit 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 two of the roomsThat rent paid for my own mortgage allowing me to save money and live in a place for free.Bought a home with 3 bedrooms.

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Update: 2 possessions. 5 rooms rented. My room paid for plus money in my pocket. Timing was tremendous for me, however, as I was able 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 needed to replace one with my rents that month. This meant I didn't create any rental income which month. But it was also a month where my dividends struck and for the first time 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 pay for my life as long as I didn't go crazy. I could travel and spend my days since I happy.

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I understood I loved building things and have since become a serial entrepreneur of sorts. Getting married and having children also increased my necessity for increased income. But I always view website focus on increasing my passive income, every 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 hard to generate and it can be wasted with a dumb purchase and now you are back to square one net-net. Don't chase quick, quick, easy returns. Every dollar dropped is really hundreds of dollars during the next 30 decades.

I have outlined a lot of these stages and lessons on my 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 choose. .

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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 sure 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 abilities we can all positively influence each other to succeed.

No selling! - if you've got a scheme that you want to sell on to individuals this is NOT the group for you.Keep up to dateFacebook (.

Everyone needs more than one source of income, however there are only 24 hours in a day to work. Passive Income will let you earn money while you sleep, will take the pressure from you and help you live an easier life. Here are 4 passive income ideas that will help you create your first $20,000 or more online. .