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Imagine if you just had two separate sources earning you $250 paychecks ($500 total) per month without you doing additional work. And these resources simply paid for your car expense.
Perhaps you have 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 predict 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 healthy amount of money coming in every month from several sources and retire early. Or at least do WHATEVER I wanted after the army without having to consider the paycheck coming from my new hobby, project, or even job as a portion of the equation.
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Both terms"residual income" and"passive income" try 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 quickly snap back into it, take a sip of your Monster Energy drink, and try to remain alert while on your own 24-hour responsibility at the barracks. .
An asset is something which puts money in your pocket each month. It is a lifestyle and prosperity 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 lifestyle and wealth killer.
Teach yourself to this point which you can find and purchase American Real Estate which you rents in a higher cost that all of its expenses and there is still a significant amount left . The residual cash is that stream 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 simple... 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 click this funny thing will start happening. When you start talking to people about finances you'll soon begin to understand there are two different kinds of here are the findings people in this world: those that 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 very minimal personal effort or time. Even though one of these ended up costing me a million dollars each month but made two million dollars each month, it's an advantage.
Honestly, who cares how much you are spending on an advantage 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 that the earning
If 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 all day! In addition, you wouldn't care whether that machine charged you 50% interest on your buck 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, time, in order to earn a certain amount of residual income.
Because some people who hear the word get disappointed when they recognize there is a lot of education and some significant setup needed on the front end of their journey to financial freedom (our"Why"). Again, this isn't a get rich quick scheme, but it's a hell of a lot better than what I had been taught by some of my military and veteran mentors. .
As members of the army, we often believe it would be exceedingly difficult, or perhaps even impossible, for us to find time to earn extra income. So far as our professional prioritiesour military support should be in the very top. So how can we ensure that we are setting our new real estate investing business up for massive success How can we make certain that 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.