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What if you had two separate sources earning you $250 paychecks ($500 total) per month without you doing additional work. And those sources simply paid for your automobile expense.
Perhaps you have beaten this concept to departure at this point Great. 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 become wealthy when I was 65 if it cost me my life during my younger years... I'd rather have a wholesome amount of cash coming in each month from several sources and retire early. Or at least do WHATEVER I wanted after the military without having to consider the paycheck coming out of my new hobby, job, or even job as a portion of this equation.
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Both terms"residual income" and"passive income" try to capture the same 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 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, take a sip of your Monster Energy drink, and try to remain alert while on your 24-hour duty in the barracks. .
An asset is something that puts money in your pocket every month. It is a lifestyle and prosperity multiplier.
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A liability is something that takes money away from you each month. It may be a temporary lifestyle enhancer, however a long-term lifestyle and wealth killer.
Educate yourself to the point that you can find and buy 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 cash is that stream of income or cash flow.  Finally, when we start looking at these income streams collectively, it will become known as"residual income" .
Admittedly, setting up your own Real Estate Investing Business is NOT simple... however, with the correct education, Real Estate Investing does NOT need to be difficult. But you must learn and act.
Now, if you all of the above makes sense, a funny thing will begin happening. When you begin talking to people about finances you'll soon begin to realize there are two different kinds of people in the world: those who understand the difference between an asset and a liability, and the ones 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 effort or time. Even if one of those ended up costing me a million dollars a month but made two million dollars each 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 should the spending was automatic and so was that the earning
If there was a machine that spit out two dollar bills after 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 before generating one of the two bucks it spit out. .
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Because passive income inherently means I do not have click here for info to spend the most expensive thing in life, time, in order to earn a certain amount of residual income.
Because some people that hear the word get disappointed when they recognize there is a lot of education and some significant set up 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 had been taught by some of my army and veteran mentors. .
As members of the military, we often think it would be exceedingly difficult, or perhaps even impossible, for us to find time to earn additional income. As far as our professional prioritiesour army service must be at the very top. Just how can we ensure that we are setting our new property investing business up for massive success How can we make sure that it doesn't create more anxiety than pleasure.
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The trick is to leverage our VA benefits, minimize our personal housing expenses, and focus all of our savings towards producing assets... a.k.a. rental properties.