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What 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 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 rich when I was 65 if it cost me my life during my younger years... I would rather have a wholesome amount of cash coming in every 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 occupation as part of this 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 into it, take a sip of your Monster Energy drink, and try to remain awake while on your own 24-hour responsibility in the barracks. .
An asset is something which puts money in your pocket each month. It is a lifestyle and wealth 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 wealth killer.
Educate yourself to this point that 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 leftover money is that stream 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 simple... however, with the proper education, Real Estate Investing does NOT have to be hard. However, 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 folks about finances you'll soon begin to realize that there are two different kinds of people in the 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 these entities are money making systems. They create income while costing very minimal personal work or time. Even though one of these ended up costing me a million dollars each month but made two million dollars each month, it is an asset.
Honestly, who cares how much You're spending on an asset every month if it earns you more than what you spend Now let us take it one step further... what if the spending was automatic and was that 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! 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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Because passive income inherently means that I visit this site right here do not need to spend the most expensive thing in life, time, in order to earn a certain amount of residual income.
Because some people who hear the term get disappointed when they recognize there is a great deal of education and some significant setup 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 had been taught by a number of my army and veteran mentors. .
As members of the army, we often believe it would be exceedingly hard, or maybe even impossible, for us to find time to earn extra income. So far as our professional priorities, our army support must be at the very top. Just how can we ensure that we are setting our best site new real estate investing business up for enormous success How do we make sure that it doesn't create more anxiety than enjoyment.
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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.