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What if you just had two individual sources both earning you $250 paychecks ($500 total) per month with no doing extra work. And those resources just paid for your car expense.
Have I beaten this concept to death at this point Great. 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 when it cost me my lifestyle during my younger years... I would rather have a healthy 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 out of my new hobby, job, or even job as part of this equation.
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Both terms"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 instantly start 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 stay awake while on your own 24-hour responsibility at the barracks. .
An asset is something that puts money in your pocket each month. It is a lifestyle and prosperity multiplier.
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A liability is something which takes money away from you every month. It might be a temporary lifestyle enhancer, however a long-term way of life and prosperity killer.
Educate yourself to this point which you can find and buy American Real Estate that you rents in a higher cost that all its expenses and there's still a significant amount left over. The residual cash is that stream of income or cash flow.  Finally, when we start looking at these income flows collectively, it becomes known as"residual income" .
Ironically, setting up your own Real Estate Investing Business is NOT simple... however, with the correct education, Real Estate Investing does NOT have to be hard. But you have to learn and behave.
Now, if you all of the above makes sense, a funny thing will start happening. When you start talking to people about finances you will soon begin to understand there are two different kinds of people in this world: those who 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 effort or time. Even if one of those ended up costing me a million dollars each month but made 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 us 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 after you gave it a single dollar bill, you would be glued to that machine daily! Moreover, 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.
Because some people who hear the term get disappointed when they realize there's a great deal of education and some significant setup required on the front end of the journey to financial freedom (our"Why"). Again, this isn't a get rich quick scheme, but it's a official site hell of a lot better than what I had been 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 prioritiesour military support must be at the very top. Just how can we ensure that we are setting our new property investing business up for enormous success How do we make certain it doesn't create more stress 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 resources... a.k.a. rental properties.