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What if you had two separate sources earning you $250 paychecks ($500 total) each month with no doing extra work. And those sources simply paid for your car expense.
Perhaps you have 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 understood that I DID NOT want to become rich 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 every month from various sources and retire early. Or at least do WHATEVER I wanted after the army without having to consider the paycheck coming out of my new hobby, job, or even job as a portion of the equation.
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Both terms"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 immediately snap into it, take 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 which puts money in your pocket each month. It is a lifestyle and wealth multiplier.
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A liability is something which takes money from you each month. It may be a temporary lifestyle enhancer, but a long-term way of life and prosperity killer.
Educate yourself to the point that you can find and purchase American Real Estate which you rents in a higher price that all of its expenses and there is still a significant amount left over. The leftover money is that flow of income or cash flow.  Finally, when we begin looking at these income streams 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 need to be hard. But you must learn and behave.
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 understand that 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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Each of these entities are money making systems. They create income while costing very minimal personal work or time. Even if one of these ended up costing me a million dollars a month but produced two million dollars a month, it's 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 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 that machine all day! Moreover, you wouldn't care whether that machine billed you 50 percent interest on your dollar before generating one of 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, time, in order to earn a certain amount of residual income.
Because some people who hear the word get disappointed try this website when they recognize there is 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 quick 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 believe it would be very hard, or perhaps even impossible, for us to find time to earn extra income. As far as our professional priorities, our military service should be at the very top. Just how can we ensure that we're setting our new real estate investing business up for massive success How can 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, look at this now and concentrate all our savings towards producing assets... a.k.a. rental properties.