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Imagine if you had two individual sources earning you $250 paychecks ($500 total) per month with no doing extra work. And these sources simply paid for your automobile expense.
Have I 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 be rich when I was 65 if it cost me my lifestyle during my younger years... I would rather have a wholesome amount of cash coming in every month from various resources 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 occupation as part of this 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 immediately begin 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 awake while on your 24-hour responsibility at the barracks. .
An asset is something which puts money in your pocket each month. It's a lifestyle and wealth multiplier.
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A liability is something which takes money away from you each month. It might be a temporary lifestyle enhancer, however a long-term way of life and prosperity killer.
Educate yourself to the point that you can find and buy American Real Estate which you rents in a higher price that all its expenses and there is still a significant amount left . The leftover money is that flow of income or cash flow.  Finally, when we begin looking at these income flows collectively, it will become known as"residual income" .
Admittedly, setting up your own Real Estate Investing Business is NOT easy... however, with the correct education, Real Estate Investing does NOT need to be hard. But you must learn and act.
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 will soon begin to understand that there are two different kinds of people in this world: those that 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 quite minimal personal effort or time. Even though one of these ended up costing me a million dollars a month but produced two million dollars each month, it's an advantage.
Honestly, who cares how much you are spending on an asset every month when it earns you more than what you spend Now let's take it one step further... what if the spending was automatic and was the earning
When there was a machine that spit out two dollar bills after over at this website you gave it a single dollar bill, you'd be glued to this machine daily! In addition, you wouldn't care whether this machine billed you 50% interest on your buck before 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 visit the website 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's a lot of education and a few 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's a hell of a lot better than what I had been taught by a number of my army and veteran mentors. .
As members of the army, we often think it would be exceedingly difficult, or perhaps even impossible, for us to find time to earn additional income. So far as our professional priorities, our army support should be at the very top. So how can we ensure that we're setting our new property investing business up for massive success How do 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, and focus all our Get the facts savings towards producing assets... a.k.a. rental properties.