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Passive income is a little trickier as many people describe it as almost 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 state a business I initially begun and now I have all 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 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 which are out there. .

I have 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 select.  , so I will only recap a bit below so as not to bore you. However, don't hesitate to have a look at 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 Money Flow LifestyleBought a three bed 2 bath condoRented out two of those roomsThat rent paid for my own mortgage allowing me to save money and live in a place for free.Bought a house with 3 bedrooms.

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Update: 2 properties. 5 rooms rented. My area paid for plus money in my pocket. Timing was huge for me, 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 specifically remember an AC unit breaking so I had to replace one with my rents that month. This meant I didn't create any rental income that month. But it was also a month in which 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 really did it was incredible. I retired at this point with rents and divdends coming in to cover my life so long as I didn't go mad. I could travel and spend my days since I happy.

A Biased View of Residual Income Ideas In Portugal

I realized I loved building things and have since turned into a serial entrepreneur of sorts. Getting married and having children also increased my necessity for increased income. But I always focus on increasing my passive income, each 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 actually hard to generate and it can be squandered with a dumb purchase and now you're this content back to square one net-net. Don't chase quick, quick, easy returns. Every dollar lost is really hundreds of dollars during the next 30 years.

I have outlined a lot of these phases and lessons on my own 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 select. .

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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 ideas and abilities we can all positively influence each other to succeed.

No selling! - if you've got a scheme 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, but there are only 24 hours in a day to do the job. Passive Income will let you earn money while you sleep, will take the pressure off of you and help you live an easier life. Here are advice 4 passive income ideas that will assist you make your first $20,000 or more online. .