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Passive income is a little trickier as many men and women 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 which does not require direct involvement from yourself. So an example could be state a business that I initially begun and now I have all of the necessary talent and construction in place the business is self functional in which I dont even have to be there for it to continually expand into new areas and generate revenue.
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Update: 2 properties. 5 rooms rented. My area paid for and money in my pocket. Timing was tremendous for me personally, nevertheless, as I managed to purchase a few foreclosure for VERY cheap in Phoenix during the housing bust, therefore in addition to my original possessions I obtained a few more investment-only rentals.
One month I specifically remember an AC unit breaking so I needed to replace one with my rents that month. This meant I didn't make any rental income that month. But it was a month in which my dividends hit and for the first time 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 cover my life 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 become a serial entrepreneur of sorts. Getting married and having children also increased my necessity for increased income. But I 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 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're back to square one net-net. Don't chase quick, fast, easy returns. Every dollar lost is really hundreds of dollars during the next 30 decades.
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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 initial $20,000 or more online. .