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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 clarify passive income as where you continually generate money from a source/investment which does not require direct involvement from yourself. So an example could 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 areas and generate revenue.

There are most likely a bunch of different definitions for of most of these depending on who you speak to, but I think that the important thing is to recognize there are different types of income and the more you educate and understand it in general the better youll be in recognizing the different opportunities that are out there. .

I've talked about my journey extensively on my website The Cash Flow Lifestyle - When your passive income exceeds your expenses, you are free to live the life you choose.  , so I will only recap a bit below so as not to give you. But don't hesitate to check out the website, or just 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 three bed 2 bath condoRented out 2 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 properties. 5 rooms rented. My room paid for and money in my pocket. Timing was huge for me personally, however, as I managed to buy a few foreclosure  for VERY cheap in Phoenix during the housing bust, so in addition to my original properties I obtained a few more investment-only rentals.

One month I especially remember an AC unit breaking so I needed to substitute 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 hit and for the first time ever the dividend paymen has been HIGHER my response than my rents.

I knew it was possible and that 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 life so long as I didn't go crazy. I could travel and spend my days since I pleased.

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I understood I loved building things and have since become 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 make 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 really tough to generate and it can be wasted with a dumb 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 during the next 30 years.

I have outlined a lot of these phases and lessons on my own site If you're interested for more detail, hope that was useful. The Cash Flow Lifestyle - When your passive income exceeds your expenses, you're 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 quotation along the lines of you are the average of the five people you spend the most time with by combining our thoughts and abilities we can all positively influence one another to succeed.

No selling! - if you have a scheme that 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, but there are only 24 hours in a day to work. Passive Income will allow you to make money while you sleep, will take the pressure off of you and allow you to live an easier life. Listed below are 4 passive income suggestions that will help you create your first $20,000 or more online. .