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What if you had two separate sources both earning you $250 paychecks ($500 total) per month with no doing extra work. And those sources simply paid for your automobile 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 call Cashflow.
Again, I understood that I DID NOT want to be wealthy when I was 65 when it cost me my life during my younger years... I'd rather have a healthy amount of money coming in each month from several sources and retire early. Or do WHATEVER I wanted after the military without having to consider the paycheck coming out of my new hobby, project, or even occupation as part of the equation.
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Both terms"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 stay awake while on your own 24-hour responsibility at the barracks. .
An asset is something which puts money in your pocket every month. It is a lifestyle and prosperity multiplier.
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A liability is something which takes money from you each month. It may be a temporary lifestyle enhancer, however a long-term lifestyle and prosperity killer.
Educate yourself to the point that you can find and purchase American Real Estate which you rents in a higher price that all its expenses and there's still a significant amount left . The residual money is that stream of income or cash flow.  Finally, when we begin looking at such income flows 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 need to be hard. But you must learn and act.
Now, if you all of the above makes sense, a funny thing will begin happening. When you start talking to folks 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 produce income while costing quite minimal personal work or time. Even though one of these ended up costing me a million dollars each month but produced two million dollars each month, it is an asset.
Honestly, who cares how much You're spending on an advantage every month when it earns you more than what you spend Now let us take it one step further... what if the spending was automatic and so was the earning
When there was a machine that spit out two dollar bills once you gave it a single dollar bill, you'd be glued to that machine all day! Moreover, you wouldn't care if that machine charged you 50% interest on your buck our website prior to generating one of the two dollars it spit out. .
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Since 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 a few significant set up required on the front end of the 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 a number of my military and veteran mentors. .
As members of the military, we often believe it would be very difficult, or perhaps even impossible, for us to find time to earn extra income. As far as our professional priorities, our military support should be in the very top. So how can we ensure that we're setting our new property investing business up for enormous success How can we make sure it doesn't create more stress 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 assets... a.k.a. rental properties.