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Passive income is a bit trickier as many men and women describe it as nearly exactly the same thing as residual income. I personally describe passive income as where you continually generate money from a source/investment which does not require direct involvement from 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 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, nevertheless, as I managed to buy a couple of 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 needed to substitute one with my rents that month. This meant I didn't create any rental income which month. But it was also a month in which my dividends hit and for the very first time the dividend paymen has been HIGHER than my rents.
I knew it was possible and 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 since I pleased.
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I realized I loved building things and have since turned into a serial entrepreneur of sorts. Getting married and having children also raised my necessity for increased income. But I 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 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 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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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 from you and allow you to live an easier life. Here are 4 passive income suggestions that will help you create your first $20,000 or more online. .