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Imagine if you had two individual sources earning you $250 paychecks ($500 total) each month with no doing extra work. And these sources simply 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 what Real Estate Investors predict Cashflow.
Again, I realized that I DID NOT want to become wealthy when I was 65 if it cost me my life during my younger years... I'd rather have a wholesome amount of money coming in every month from various 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" 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 start having romantic visions of lounging on a yacht in the Caribbean Sea and occasionally checking our growing bank account. You quickly snap back into it, have 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 that puts money in your pocket each month. It is a lifestyle and prosperity multiplier.
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A liability is something that takes money away from you each month. It might be a temporary lifestyle enhancer, but a long-term way of life and wealth killer.
Teach yourself to the point that you can find and buy American Real Estate which you rents in a higher price that all of its expenses and there is still a significant amount left . The residual cash is that stream 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 proper education, Real Estate Investing does NOT need to be hard. However, you have to learn and act.
Now, in case 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 understand that there are two different kinds of people in this world: those that understand the difference between an asset and a liability, and those that will NEVER be wealthy. .
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Every one of these entities are money making systems. They create income while costing quite minimal personal work or time. Even if one of these ended up costing me a million dollars a month but produced two million dollars each month, it's an advantage.
Honestly, who cares how much You're spending on an asset every month if it earns you more than what you spend Now let's take it one step further... a fantastic read what if the spending was automatic and was that the earning
If there was a machine that spit out two dollar bills after you gave it a single dollar bill, you would be glued to this machine daily! Moreover, you wouldn't care if this machine billed you 50 percent interest on your buck prior to generating one of the two bucks it spit out. .
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Since 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.
Since some people who hear the term get disappointed when they realize there is a lot of education and some significant setup needed on the front end of the journey to financial freedom (our"Why"). Again, this isn't a get rich quick scheme, but it is a hell of a lot better than what I was taught by a number of my military and veteran mentors. .
As members of the military, we often think it would be exceedingly difficult, or maybe even impossible, for us to find time to earn additional income. As far as our professional prioritiesour military service must 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 can we make certain that it doesn't produce more stress than enjoyment.
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The trick 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.