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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 resources simply paid for your car expense.
Perhaps you have beaten this concept to death at this point Good. Rich Dad Poor Dad tattooed this concept onto my brain. The concept is exactly what Real Estate Investors predict Cashflow.
Again, I understood that I DID NOT want to become rich when I was 65 when it cost me my lifestyle 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 from my new hobby, job, or even occupation as part of the 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 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, 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 which puts money in your pocket every month. It is a lifestyle and wealth 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 way of life and wealth killer.
Teach yourself to the point which you can find and purchase American Real Estate which 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 begin looking at these income streams collectively, it becomes 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 have to be hard. But you have to learn and behave.
Now, in case 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 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 those entities are money making systems. They produce 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 a 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 us take it one step further... what if 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 this machine daily! In addition, you wouldn't care whether that machine billed you 50% interest on your dollar before generating one of the two bucks it spit out. .
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Since passive income inherently means I do not need to spend the most expensive thing in Read More Here 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 is a lot of education and a few significant setup required on the front end of their 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 hard, or maybe even impossible, for us to find time to earn additional income. So far as our professional prioritiesour military support must be in the very top. Just how can we ensure that we're setting our new property investing business up for massive success How can we make sure that it doesn't produce more stress than pleasure.
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They key is to leverage our VA benefits, minimize our personal housing expenses, and concentrate all our savings towards producing resources... a.k.a. rental properties.