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Imagine if you had two separate sources both 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 death 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 understood that I DID NOT want to be rich when I was 65 when it cost me my life during my younger years... I'd rather have a wholesome amount of cash coming in each month from various resources and retire early. Or at least do WHATEVER I wanted after the army without having to consider the paycheck coming out of my new hobby, job, or even job as part of the equation.
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Both terms"residual income" and"passive income" attempt to capture the same 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 instantly begin having romantic visions of lounging on a yacht in the Caribbean Sea and occasionally checking our growing bank account. You quickly snap into it, take a sip of your Monster Energy drink, and try to remain awake while on your 24-hour responsibility at the barracks. .
An asset is something which puts money in your pocket every month. It's a lifestyle and prosperity multiplier.
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A liability is something which takes money away from you each month. It might be a temporary lifestyle enhancer, however a long-term lifestyle and wealth killer.
Educate yourself to this point which you can find and purchase American Real Estate which you rents at a higher cost that all its expenses and there is still a significant amount left . The leftover cash is that flow of income or cash flow.  Finally, when we start looking at these income streams collectively, it will become known as"residual income" .
Ironically, setting up your own Real Estate Investing Business is NOT easy... however, with the correct education, Real Estate Investing does NOT have to be hard. However, you have to learn and act.
Now, in case you all of the above makes sense, a funny thing will begin happening. When you start talking to people about finances you will soon begin to understand that there are two different kinds of people in the world: those that understand the difference between official statement an asset and a liability, and those that will NEVER be wealthy. great post to read .
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Every one of those entities are money making systems. They create income while costing quite minimal personal effort or time. Even though one of these ended up costing me a million dollars a month but made two million dollars each month, it is an advantage.
Honestly, who cares how much You're spending on an asset every month when it earns you more than what you spend Now let's take it one step further... what should the spending was automatic and so was that the earning
When there was a machine that spit out two dollar bills after 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 percent interest on your buck prior to generating you the two dollars it spit out. .
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Because passive income inherently means that I do see page not have to spend the most expensive thing in life, time, in order to earn a certain amount of residual income.
Since some people that hear the term get disappointed when they recognize there is a lot of education and a few significant setup needed on the front end of the journey to financial freedom (our"Why"). Again, this isn't a get rich fast scheme, but it's a hell of a lot better than what I had been taught by a number of my army 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. As far as our professional priorities, our army service must be at the very top. So how can we ensure that we are setting our new real estate investing business up for massive success How do we make certain that it doesn't produce more stress than enjoyment.
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They key is to leverage our VA benefits, minimize our personal housing expenses, and concentrate all our savings towards producing resources... a.k.a. rental properties.