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Imagine if you just had two separate sources both earning you $250 paychecks ($500 total) per month with no doing additional work. And those resources simply paid for your automobile expense.
Have I beaten this concept to death at this point Great. Rich Dad Poor Dad tattooed this concept onto my brain. The concept is what Real Estate Investors call Cashflow.
Again, I understood that I DID NOT want to become wealthy when I was 65 if it cost me my life during my younger years... I would rather have a healthy amount of cash coming in each month from several sources 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 occupation as a portion of the equation.
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Both terms"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 quickly snap back 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 each month. It's a lifestyle and prosperity multiplier.
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A liability is something that takes money away from you every month. It might be a temporary lifestyle enhancer, but a long-term lifestyle and prosperity killer.
Teach yourself to the point that you can find and buy American Real Estate that you rents at a higher cost that all of its expenses and there's still a significant amount left over. The residual cash is that flow of income or cash flow.  Finally, when we begin looking at such income streams collectively, it becomes known as"residual income." .
Admittedly, setting up your own Real Estate Investing Business is NOT easy... however, with the correct education, Real Estate Investing does NOT need to browse around here be hard. However, you have to learn and act.
Now, if you Click Here 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 these entities are money making systems. They produce income while costing quite minimal personal effort or time. Even if one of those ended up costing me a million dollars each month but produced two million dollars each month, it is an advantage.
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 should the spending was automatic and so was 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 all day! In addition, you wouldn't care if this machine billed you 50% interest on your dollar prior to generating one of the two bucks it spit out. .
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Because passive income inherently means that 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 recognize there is a lot of education and a few significant set up required 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 was taught by some of my military and veteran mentors. .
As members of the military, we often think it would be exceedingly hard, or maybe even impossible, for us to find time to earn extra income. As far as our professional prioritiesour army support must be in the very top. Just how can we ensure that we're setting our new real estate investing business up for massive success How can we make sure that it doesn't produce more anxiety than pleasure.
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They key is to leverage our VA benefits, minimize our personal housing expenses, and concentrate all of our savings towards producing resources... a.k.a. rental properties.