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Passive income is a bit trickier as many men and women describe it as almost precisely the same thing as residual income. I personally describe passive income as at which you continually generate money from a source/investment which does not need direct involvement from yourself. So an example might be say a business I initially started and now I have all 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 areas and generate revenue.

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

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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 that I will only recap somewhat below so as not to give you. But feel free to have a look at 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 three bed 2 bath condoRented out 2 of the roomsThat rent paid for my mortgage allowing me to save money and reside in a spot for free.Bought a house with 3 bedrooms.

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Update: two possessions. 5 rooms rented. My area paid for plus money in my pocket. Timing was huge for me, however, as I was able to buy a few foreclosure  for VERY cheap in Phoenix during the housing bust, so 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 make any rental income which month. But it was also a month where my dividends hit and for the first time ever the dividend paymen was HIGHER than my rents.

I knew it was possible and it would eventually happen, but when it really did it was incredible. I semi retired at this point with rents and divdends coming in to pay for my lifestyle so 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 become a serial entrepreneur of sorts. Getting married and having kids also increased my necessity for increased income. However, I always focus 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 really tough to generate and it can be wasted with a stupid purchase and now you are back to square one net-net. Don't chase fast, fast, easy returns. Every dollar dropped is really hundreds of dollars over the next 30 years.

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I have outlined a good deal of these phases and lessons on my own site If you're interested 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 set of positive minded and conscious entrepreneurs who are interested in creating multiple streams of passive income.I am confident that 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 ideas and abilities we can all positively influence one another to succeed.

No selling! - if you've got a scheme that you want to market on to people 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 do the job. Passive Income will let you make money while you sleep, will take the strain from you and allow you to live an easier life. Listed below are 4 link passive income ideas to assist you make your first $20,000 or more online. .

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