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Imagine if you had two separate sources earning you $250 paychecks ($500 total) each month without you doing extra work. And those sources simply paid for your car expense.
Have I beaten this concept to departure at this point Good. Rich Dad Poor Dad tattooed this concept onto my brain. The concept is what Real Estate Investors predict Cashflow.
Again, I realized that I DID NOT want to be wealthy when I was 65 if it cost me my lifestyle during my younger years... I'd rather have a healthy amount of money coming in each month from various sources 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, project, or even job as a portion of the equation.
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Both terms"residual income" and"passive income" try to capture the same concept of,"making money mechanically." For the sake of brevity, I will only be using both terms interchangeably.
After hearing the words"passive income,", many of us immediately begin having romantic visions of lounging on a yacht in the Caribbean Sea and occasionally checking our growing bank account. You immediately snap back into it, take a sip of your Monster Energy drink, and try to remain alert while on your 24-hour responsibility in the barracks. .
An asset is something that puts money in your pocket each month. It is a lifestyle and wealth multiplier.
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A liability is something that takes money from you every month. It might be a temporary lifestyle enhancer, however a long-term way of life and wealth killer.
Teach yourself to this point which you can find and purchase American Real Estate which you rents in a higher cost that all of its expenses and there's still a significant amount left over. The leftover cash is that flow of income or cash flow.  Finally, when we start 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. However, you must learn and act.
Now, if you all of the above makes sense, a funny thing will begin happening. When you begin talking to people about finances you will soon begin to understand that there are two different kinds of people in the world: those who understand the difference between an asset and a liability, and those that will NEVER be wealthy. my company .
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Each of those entities are money making systems. They produce income while costing quite minimal personal work or time. Even if one of those ended up costing me a million dollars a month but made two million dollars each month, it is an asset.
Honestly, who cares how much You're spending on an advantage every month when it earns you more than what you spend Now let's take it right here one step further... what should the spending was automatic and so was that the earning
If there was a machine that spit out two dollar bills once you gave it a single dollar bill, you would be glued to this machine daily! Moreover, you wouldn't care whether this machine charged you 50 percent interest on your buck prior to generating one of the two dollars it spit out. .
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Since passive income inherently means that I do not need to spend the most expensive thing in life, time, in order to earn a certain amount of residual income.
Because some people that their website hear the word get disappointed when they realize there's 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 quick scheme, but it's a hell of a lot better than what I had been taught by a number of my military and veteran mentors. .
As members of the military, we often believe it would be very difficult, or maybe even impossible, for us to find time to earn extra income. So far as our professional prioritiesour army service should be at the very top. So how can we ensure that we're setting our new property investing business up for massive success How can we make sure that it doesn't produce more anxiety than enjoyment.
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The trick is to leverage our VA benefits, minimize our personal housing expenses, and focus all our savings towards producing assets... a.k.a. rental properties.