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What if you just had two separate sources both earning you $250 paychecks ($500 total) each month with no doing extra work. And those resources just paid for your automobile expense.
Perhaps you have beaten this concept to death at this point Good. Rich Dad Poor Dad tattooed this concept onto my brain. The concept is exactly what Real Estate Investors predict Cashflow.
Again, I realized that I DID NOT want to be wealthy when I was 65 when it cost me my lifestyle during my younger years... I would rather have a wholesome amount of cash coming in every month from various sources and retire early. Or do WHATEVER I wanted after the military 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 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 duty in the barracks. .
An asset is something which puts money in your pocket every month. It is a lifestyle and wealth multiplier.
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A liability is something which takes money away from you each month. It may be a temporary lifestyle enhancer, but a long-term way of life and prosperity killer.
Teach yourself to the point which you can find and purchase American Real Estate which you rents at a higher price that all of its expenses and there is still a significant amount left . The residual money is that flow of income or cash flow.  Finally, when we begin looking at these income flows collectively, it will become 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 have to be hard. But you Read More Here must learn and behave.
Now, if you all of the above makes sense, a funny thing will start happening. When you start talking to people about finances you will soon begin to understand that 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 very minimal personal effort or time. Even though one of these ended up costing me a million dollars each month but made two million dollars a month, it is an advantage.
Honestly, who cares how much you are spending on an asset every month when it earns you more than what you spend Now let's take it one step further... what if the spending was automatic and was 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 daily! Moreover, you wouldn't care whether that machine charged you 50% interest on your buck prior to generating you the two bucks it spit out. .
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Because 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 recognize there's a great deal 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 quick scheme, but it is a hell discover this info here of a lot better than what I was taught by a number of my army and veteran mentors. .
As members of the military, we often believe it would be very hard, or maybe even impossible, for us to find time to earn additional income. As far as our professional prioritiesour army service must be in the very top. Just how can we ensure that we're setting our new real estate investing business up for enormous 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 focus all our savings towards More hints producing assets... a.k.a. rental properties.