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Imagine if you just had two separate sources both earning you $250 paychecks ($500 total) per month without you doing extra work. And those resources just paid for your car expense.
Perhaps you have beaten this concept to departure at this point Great. Rich Dad Poor Dad tattooed this concept onto my brain. The concept is exactly what Real Estate Investors call Cashflow.
Again, I realized that I DID NOT want to become wealthy when I was 65 when it cost me my life during my younger years... I'd rather have a wholesome amount of money coming in every month from several resources and retire early. Or do WHATEVER I wanted after the army without having to consider the paycheck coming from my new hobby, job, or even occupation as a portion of the equation.
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Both conditions"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, have a sip of your Monster Energy drink, and try to remain awake while on your own 24-hour responsibility in the barracks. .
An asset is something which puts money in your pocket every month. It's a lifestyle and wealth multiplier.
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A liability is something which takes money from you each month. It may be a temporary lifestyle enhancer, but a long-term lifestyle and wealth killer.
Educate yourself to the point that you can find and buy American Real Estate that you rents at a higher cost that all its expenses and there's still a significant amount left . The leftover cash is that stream of income or cash 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 easy... however, with the proper education, Real Estate Investing does NOT have to be difficult. But you must learn and act.
Now, if you all of the above makes sense, a funny thing will start happening. When you start talking to people about finances you'll soon begin to understand there are two different kinds of people in this world: those that understand the difference between an asset and a liability, and Recommended Reading the ones that will NEVER be wealthy. .
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Each of navigate to this website these 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 made two million dollars each month, it's 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 us take it one step further... what if the spending was automatic and so was the earning
If there was a machine that spit out two dollar bills once you gave it a single dollar bill, you'd be glued to this machine daily! In addition, you wouldn't care whether that machine billed you 50 percent interest on your buck prior to generating you the two bucks 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 who hear the term get disappointed when they recognize there is a great deal of education and a few significant set up needed on the front end of the 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 army, we often think it would be exceedingly difficult, or perhaps even impossible, for us to find time to earn extra income. So far as our professional prioritiesour army support should be in the very top. So how can we ensure that we're setting our new real estate investing business up for massive success How do we make sure that it doesn't create more stress than pleasure.
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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.