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What if you had two individual sources earning you $250 paychecks ($500 total) per month without you doing additional work. And those sources simply 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 call 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 would rather have a wholesome amount of money coming in every month from various sources and retire early. Or do WHATEVER I wanted after the army without having to consider the paycheck coming from my new hobby, project, or even occupation as a portion of this equation.
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Both conditions"residual income" and"passive income" attempt 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 begin 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, have a sip of your Monster Energy drink, and try to remain alert while on your 24-hour duty at 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 might be a temporary lifestyle enhancer, however a long-term lifestyle and prosperity killer.
Teach yourself to the point which you can find and buy American Real Estate that 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 start looking at these income flows 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 hard. However, you must learn and act.
Now, if you all of the above makes sense, a funny Recommended Reading thing will begin happening. When you begin talking to folks about finances you'll soon begin to realize there are two different kinds of people in the 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 produce 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 each month, it's an advantage.
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
If there was a machine that spit out two dollar bills once you gave it a single dollar bill, you would be glued to that machine daily! In addition, you wouldn't care if that machine billed you 50% interest on your buck before generating you the two dollars it spit out. .
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Because 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.
Because some people that hear the term get disappointed when they recognize there's a great deal of education and a few significant setup needed on the front end of the journey to financial freedom (our"Why"). Again, this isn't a get rich fast 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 think it would be exceedingly hard, or perhaps even impossible, for us to find time to earn additional income. So far as our professional prioritiesour army support should be at 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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The trick is to leverage our VA benefits, minimize our personal housing expenses, and concentrate all our savings towards producing assets... a.k.a. rental properties.