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Imagine if you had two individual sources earning you $250 paychecks ($500 total) each month with no doing extra work. And these resources just paid for your car expense.
Have I beaten this concept to departure at this point Good. Rich Dad Poor Dad tattooed this concept onto my brain. The concept is what Real Estate Investors predict Cashflow.
Again, I realized 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 wholesome 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 occupation as part of the 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 instantly begin 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 awake while on your 24-hour responsibility 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 that takes money from you each month. It may be a temporary lifestyle enhancer, but a long-term lifestyle and prosperity killer.
Educate yourself to the point which you can find and purchase American Real Estate that you rents at a higher price that all its expenses and there is still a significant amount left . The leftover money is that flow of income or cash flow.  Finally, when we start looking at these 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 difficult. But you have to learn and behave.
Now, in case you all of the above makes sense, a funny thing will begin happening. When you start talking to folks about finances you'll soon begin to understand that there are use this link 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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Each of those entities are money making systems. They create income while costing very minimal personal work or time. Even though one of those ended up costing me a million dollars each month but produced two million dollars a month, it is an advantage.
Honestly, who cares how much You're spending on an advantage every month if it earns you more than what you spend Now let's take it one step further... what if the spending was automatic my response and was that the earning
If there was a machine that spit out two dollar bills once you gave it a single dollar bill, you would be glued to this machine daily! In addition, you wouldn't care whether that machine charged you 50 percent interest on your buck prior to generating one of the two bucks it spit out. .
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Since passive income inherently means that 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 word get disappointed when they realize there's a lot of education and a few significant setup required on the front end of the journey to financial freedom (our"Why"). Again, this isn't a get rich fast scheme, but it is a hell of a lot better than what I was taught by 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. As far as our professional priorities, our army service must be in the very top. So how can we ensure that we are setting our new property investing business up for enormous success How can we make sure that it doesn't produce more anxiety than view it now enjoyment.
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The trick 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.