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Imagine if you had two individual sources both earning you $250 paychecks ($500 total) each month with no doing extra work. And these resources simply paid for your car 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 call Cashflow.
Again, I understood that I DID NOT want to be rich when I was 65 when it cost me my lifestyle during my younger years... I'd rather have a healthy amount of cash coming in each month from various resources and retire early. Or at least do WHATEVER I wanted after the army without having to consider the paycheck coming from my new hobby, job, or even job as a portion of this 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 into it, have a sip of your Monster Energy drink, and try to stay alert while on your own 24-hour duty in the barracks. .
An asset is something that puts money in your pocket each month. It's 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 that you can find and purchase American Real Estate which you rents at a higher cost that all its expenses and there is still a significant amount left over. 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 simple... however, with the proper education, Real Estate Investing does NOT have to be hard. But you must learn and act.
Now, in case you all of the above makes sense, a funny thing will begin happening. When you begin talking to people about finances you will soon begin to understand there are two different kinds of people in this world: those that understand the difference between an asset and a liability, and the ones that will NEVER be wealthy. .
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Every one of those entities are money making systems. They create income while costing quite minimal personal work or time. Even if one of those ended up costing me a million dollars a month but produced two million dollars a month, it's 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's take it one step further... what should the spending was automatic and 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 daily! In addition, you wouldn't care whether that machine charged you 50% interest on your dollar prior to generating one of the two dollars 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 that hear the term get disappointed when they recognize there's a great deal of education and some click site significant set up needed 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 had been taught by Click Here some 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. So far as our professional prioritiesour military support must be at 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 sure it doesn't produce more anxiety 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 producing assets... a.k.a. rental properties.