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Passive income is a bit trickier as many men and women describe it as almost exactly the exact same thing as residual income. I personally clarify passive income as at which you continually generate money from a source/investment that does not require direct involvement in yourself. So an example might be say a business I initially begun and now I have all of the necessary talent and structure in place the business itself functional where I dont even have to be there for this to continually expand into new places 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, but I think the important thing is to recognize there are different types of income and the more you educate and understand it in general the greater 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 Cash Flow Lifestyle - When your passive income exceeds your expenses, you are free to live the life you select.  , so I will only recap somewhat below in order not to bore you. However, don't hesitate to check out the site, or just 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 bathroom condoRented out 2 of those 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: two properties. 5 rooms rented. My area paid for plus money in my pocket. Timing was tremendous for me personally, 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 acquired a couple more investment-only rentals.

One month I specifically remember an AC unit breaking so I had to replace one with my rents that month. This meant I didn't make any rental income that month. But it was also a month in which my dividends struck and for the first time ever the dividend paymen was HIGHER 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 pay for my lifestyle as long as I didn't go crazy. I could travel and spend my read the article days as 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 children also increased my necessity for increased income. But I always concentrate 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 actually hard to generate and it can be squandered 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 during the next 30 decades.

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I've outlined a lot of these phases and lessons on my website If you are 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 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 sure 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 thoughts and skills we can all positively influence one another to succeed.

No selling! - if you have a strategy 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 allow you to earn money while you sleep, will take the strain from you and allow you to live an easier life. Here are 4 passive income ideas to help you make your initial $20,000 or more online. .

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