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What if you just had two separate sources earning you $250 paychecks ($500 total) per month with no doing additional work. And these sources just 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 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 life during my younger years... I would rather have a healthy amount of money coming in every month from various resources and retire early. Or do WHATEVER I wanted after the military without having to consider the paycheck coming out of my new hobby, job, or even occupation as a portion of this equation.
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Both conditions"residual income" and"passive income" try 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 instantly start having romantic visions of lounging on a yacht in the Caribbean Sea and occasionally checking our growing bank account. You quickly snap into it, take a sip of your Monster Energy drink, and try to remain alert while on your 24-hour responsibility in the barracks. .
An asset is something that puts money in your pocket every 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, but 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 of its expenses and there is still a significant amount left . The leftover cash is that stream of income or cash check these guys out flow.  Finally, when we start looking at such income streams collectively, it will become known as"residual income." .
Ironically, setting up your own Real Estate Investing Business is NOT easy... however, with the proper education, Real Estate Investing does NOT need to be difficult. But you must learn and behave.
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 that there are two different kinds of people in this world: those who 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 very minimal personal effort or time. Even if one of these ended up costing me a million dollars a month but produced two million dollars each month, it is an asset.
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 so was that 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! Moreover, you wouldn't care whether this machine charged you 50 percent interest on your buck prior to generating you 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 is a lot of education and some significant set up required on the front end of the 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 was taught by a number of my army and veteran mentors. .
As members a knockout post of the military, we often think it would be very difficult, or maybe even impossible, for us to find time to earn extra income. So far as our professional priorities, our army service should be in the very top. Just how can we ensure that we are setting our new real estate investing business up for massive success How can we make sure that it doesn't produce more stress than enjoyment.
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They key is to leverage our VA benefits, minimize our personal housing expenses, and concentrate all our savings towards producing assets... a.k.a. rental properties.