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What if you had two separate sources both earning you $250 paychecks ($500 total) per month with no doing extra work. And those sources simply paid for your automobile expense.
Have I beaten this concept to departure at this point Great. Rich Dad Poor Dad tattooed this concept onto my brain. The concept is what Real Estate Investors predict Cashflow.
Again, I understood that I DID NOT want to be rich when I was 65 when it cost me my lifestyle during my younger years... I'd rather have a healthy amount of money coming in every month from several resources and retire early. Or at least do WHATEVER I wanted after the military without having to consider the paycheck coming out of my new hobby, job, or even job as a portion of the equation.
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Both conditions"residual income" and"passive income" attempt to capture the identical concept of,"making money automatically." For the sake of brevity, I will only be using both terms interchangeably.
After hearing the words"passive income,", many of us immediately start having romantic visions of lounging on a yacht in the Caribbean Sea and occasionally checking our growing bank account. You immediately snap into it, have a sip of your Monster Energy drink, and try to remain alert while on your 24-hour responsibility at the barracks. .
An asset is something that puts money in your pocket every month. It's a lifestyle and prosperity multiplier.
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A liability is something that takes money from you every month. It might be a temporary lifestyle enhancer, but a long-term lifestyle and prosperity killer.
Educate yourself to this point that you can find and purchase American Real Estate that you rents at a higher price that all of its expenses and there is still a significant amount left . The residual cash is that flow of income or cash hop over to here flow.  Finally, when we begin looking at these income flows collectively, it becomes known as"residual income" .
Admittedly, setting up your own Real Estate Investing Business is NOT simple... however, with the correct education, Real Estate Investing does NOT have to be difficult. But you must learn and behave.
Now, if you all of the above makes sense, a funny thing will start happening. When you begin talking to people about finances you will soon begin to realize there are two different kinds of people in this world: those who understand the difference between an asset and a liability, and those that will NEVER be wealthy. .
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Every one of those entities are money making systems. They produce income while costing quite minimal personal effort or time. Even though one of those ended up costing me a million dollars a month but produced two million dollars each month, it is an asset.
Honestly, who cares how much you are spending on an asset every month if it earns you more than what you spend Now let us take it one step further... what if the spending was automatic and was the earning
When there was a machine that spit out two dollar bills once you gave it a single dollar bill, you'd be glued to that machine all day! In addition, you wouldn't care whether that machine billed you 50% interest on your dollar prior to generating one of the two dollars it spit out. .
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Because passive income inherently means I do not have to spend the most expensive thing in life, time, in order to earn a certain amount of residual income.
Because some people that hear the word get disappointed when they realize there is a lot of education and a few significant set up needed on the front end of their journey to financial freedom (our"Why"). Again, this isn't a get rich fast scheme, but it is a hell of a lot better than what I was taught by a visit site number of my military and veteran mentors. . my review here
As members of the army, we often believe it would be very hard, or maybe even impossible, for us to find time to earn extra income. As far as our professional prioritiesour military support should be at the very top. Just how can we ensure that we are setting our new real estate investing business up for enormous success How do we make sure that it doesn't create more stress than enjoyment.
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They key is to leverage our VA benefits, minimize our personal housing expenses, and focus all of our savings towards producing assets... a.k.a. rental properties.