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Imagine if you just had two separate sources earning you $250 paychecks ($500 total) each month without you doing additional work. And those resources simply 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 predict Cashflow.
Again, I realized that I DID NOT want to be wealthy 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 various sources and retire early. Or do WHATEVER I wanted after the army without having to consider the paycheck coming from my new hobby, project, or even occupation as part of this 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 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, have a sip of your Monster Energy drink, and try to remain awake 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 prosperity multiplier.
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A liability is something that takes money from you every month. It might be a temporary lifestyle enhancer, but a long-term lifestyle and wealth killer.
Teach yourself to the point which you can find and purchase American Real Estate which you rents at a higher price that all of its expenses and there is still a significant amount left over. The leftover money is that stream of income or cash flow.  Finally, when we start looking at such income flows collectively, it becomes known as"residual income." .
Admittedly, setting up your own Real Estate Investing Business is NOT simple... however, with the correct education, Real Estate Investing does NOT need to be hard. However, you must learn and behave.
Now, in case you all of the above makes sense, a funny thing will begin happening. When you start talking to folks 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 the ones that will NEVER be wealthy. .
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Each of those have a peek at these guys entities are money making systems. They create income while costing very minimal personal work or time. Even though one of those ended up costing me a million dollars a month but made two million dollars a month, it is an asset.
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 once you gave it a single dollar bill, you would be glued to this machine daily! Moreover, you wouldn't care whether this machine billed you 50 percent interest on your dollar before generating one of the two dollars 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.
Since some people who hear the term get disappointed when they recognize there's a lot of education and some significant setup 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 some of my army and veteran mentors. .
As members of the army, we often think it would be exceedingly hard, or maybe 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. So how can we ensure that we're setting our new real estate investing business up for enormous success How can we make sure that it doesn't create more stress than pleasure.
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The trick 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.