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Imagine if you just had two individual sources earning you $250 paychecks ($500 total) per month with no doing extra work. And these sources 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 what Real Estate Investors call Cashflow.
Again, I realized 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 healthy amount of cash coming in each month from various 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 occupation as part of the equation.
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Both conditions"residual income" and"passive income" attempt 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 quickly snap back into it, take a sip of your Monster Energy drink, and try to stay awake while on your own 24-hour duty in the barracks. .
An asset is something that puts money in your pocket every month. It's a lifestyle and prosperity 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 way of life and wealth killer.
Educate yourself to this point that you can find and purchase American Real Estate that you rents at a higher price that all its expenses and there's still a significant amount left over. The residual cash 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." .
Admittedly, setting up your own Real Estate Investing Business is NOT easy... however, with the proper education, Real Estate Investing does NOT have to be hard. But you must learn and act.
Now, if you all of the above makes sense, a funny thing will start happening. When you begin talking to people about finances you will soon begin to understand 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 these entities are money making systems. They create income while costing quite minimal personal work or time. Even though one of these ended up costing me a million dollars a month but made two million dollars a month, it's an advantage.
Honestly, who cares how much you are spending on an asset every month when 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 the earning
If there was a machine that spit out two dollar bills after you gave it a single dollar bill, you'd be glued to this machine daily! Moreover, you wouldn't care if that machine billed you 50% interest on your dollar before generating you the two bucks it spit out. .
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Because passive income inherently means that I do not have to spend the most expensive thing in life, why not try these out time, in order to earn a certain amount of residual visit site income.
Because some people who hear the word get disappointed when they recognize there's a lot of education and some significant setup needed on the front end of the journey to financial freedom (our"Why"). Again, this isn't a get rich quick scheme, but it is a hell of a lot better than what I had been taught by a number of my military and veteran mentors. .
As members of the army, we often think it would be very difficult, or perhaps even impossible, for us to find time to earn additional income. As far as our professional priorities, our army support should be in 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 sure that it doesn't create more stress than enjoyment.
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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 resources... a.k.a. rental properties.