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What if you just had two individual sources earning you $250 paychecks ($500 total) per month without you doing extra work. And those sources just paid for your car 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 exactly what Real Estate Investors predict Cashflow.
Again, I understood that I DID NOT want to become rich 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 each month from several resources and retire early. Or at least do WHATEVER I wanted after the military without having to consider the paycheck coming from my new hobby, project, or even job as part of this equation.
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Both conditions"residual income" and"passive income" try to capture the identical 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 duty at the barracks. .
An asset is something which 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 from you every month. It might be a temporary lifestyle enhancer, however a long-term way of life and prosperity killer.
Teach yourself to the point that you can find and buy American Real Estate which you rents at a higher price that all of its expenses and there's still a significant amount left . The residual money 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 have to be difficult. But you must learn and behave.
Now, if you all of the above makes sense, a funny thing will begin happening. When you begin talking to folks about finances find out here now you will soon begin to understand there are two different kinds of people in the world: those who understand the difference between an asset and a liability, and the ones that will NEVER be wealthy. .
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Each of these entities are money making systems. They produce income while costing very minimal personal effort 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 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'd be glued to that machine daily! In addition, you wouldn't care whether that machine charged you 50% interest on your buck before generating one of the two bucks it spit out. .
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Because 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.
Since some people who hear the word get disappointed when they realize there's a great deal of education and some 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 is a hell of a lot better than what I was taught by some of my army and veteran mentors. .
As members of the military, we often believe it would be exceedingly hard, or perhaps even impossible, for us to find time to earn extra income. As far as our professional priorities, our military service must be in the very top. Just how investigate this site 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 produce more stress than pleasure.
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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.