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Passive income is a bit trickier as many people describe it as nearly 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 state a business I initially begun and now that I have all the necessary talent and construction in place the business itself functional in which 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 all of these depending on who you talk to, but I think the important thing is to recognize that 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. .

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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 bore you. But feel free to check out the website, or just this post for a little more information: Back When I Was Lucky: Unemployed, In Debt, And Living With My Parents - The Money Flow LifestyleBought a three bed 2 bathroom condoRented out two of the roomsThat rent paid for my own mortgage allowing me to save money and reside in a place for free.Bought a house with 3 bedrooms.

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Update: two properties. 5 rooms rented. My area paid for and money in my pocket. Timing was tremendous for me personally, however, as I managed to buy a couple of foreclosure  for VERY cheap in Phoenix during the housing bust, therefore in addition to my original properties I acquired a few more investment-only rentals.

One month I especially remember an AC unit breaking so I had to substitute one with my rents that month. This meant I didn't create any rental income that month. But it was a month where my dividends struck 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 retired at this point with rents and divdends coming in to pay for my lifestyle 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 official statement a serial entrepreneur of sorts. Getting married and having children also raised my necessity for increased income. However, 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 secret is to keep your expenses low, and then even lower. Passive income is actually hard to generate and it can be wasted with a dumb purchase and now you're 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 years.

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

No selling! - if you have a strategy that you want to market on to people this is NOT the important link set 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 let you earn money while you sleep, will take the pressure off of you and help you live an easier life. Listed below are 4 passive income suggestions to help you create your first $20,000 or more online. .

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