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Passive income is a bit trickier as many people describe it as nearly 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 in yourself. So an example could be say a business I initially started and now I have all 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 areas and generate revenue.
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Update: 2 possessions. 5 rooms rented. My area paid for and money in my pocket. Timing was huge for me, however, as I was able to purchase a couple of foreclosure for VERY cheap in Phoenix during the housing bust, so 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 substitute one with my rents that month. This meant I didn't make any rental income that month. Nevertheless, 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 that it would eventually happen, but when it actually 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 crazy. I could travel and spend my days as I happy.
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I realized I loved building things and have since become a serial entrepreneur of sorts. Getting married and having children also raised my necessity for increased income. However, I always concentrate on increasing my passive income, every month. I want to earn more money next month than I did this month, every single month.
The key is to keep your expenses more helpful hints low, and then even lower. Passive income is actually tough to generate and it can be wasted with a dumb purchase and now you are back to square one net-net. Don't chase quick, quick, easy returns. Every dollar lost is really hundreds of dollars over the next 30 decades.
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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 confident that you know the quotation along the lines of you're the average of the five people you spend the most time with by combining our ideas and skills we can all positively influence each other to succeed.
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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 earn money while you sleep, will take the strain from you and help you live an easier life. Here are 4 passive income ideas to help you make your first why not try this out $20,000 or more online. .