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What if you had two individual sources both earning you $250 paychecks ($500 total) per month without you doing extra work. And those resources simply paid for your automobile expense.
Have I beaten this concept to departure at this point Great. Rich Dad Poor Dad tattooed this concept onto my brain. The concept is exactly what Real Estate Investors predict Cashflow.
Again, I realized that I DID NOT want to become wealthy when I was 65 if it cost me my lifestyle during my younger years... I'd rather have a wholesome amount of money coming in each month from several resources and retire early. Or at least do WHATEVER I wanted after the military without having to consider the paycheck coming out of my new hobby, job, or even job as a portion of the equation.
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Both terms"residual income" and"passive income" attempt to capture the identical concept of,"making money automatically." 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 that puts money in your pocket every month. It's a lifestyle and prosperity multiplier.
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A liability is something which takes money away from you each month. It may be a temporary lifestyle enhancer, however a long-term way of life and wealth killer.
Educate yourself to the point which you can find and buy American Real Estate that you rents at a higher price that all of its expenses and there's still a significant amount left . The leftover money is that flow of income or cash flow.  Finally, when we start looking at these income streams collectively, it becomes 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 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 the 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 create income while costing quite minimal personal work or time. Even if one of those ended up costing me a million dollars each month but made two million dollars a month, it's an advantage.
Honestly, who cares how much You're spending on an advantage 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 so was the earning
When 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 if this machine charged you 50 percent interest on your buck before generating one of the two dollars it spit out. .
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Because passive income inherently means I do not need to spend the most expensive thing in life, time, in order to earn a certain amount of residual income.
Because some people that hear the word get disappointed when they realize there is a great deal 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 quick scheme, but it is a hell of a lot better than what I was taught by a number of my military and veteran mentors. .
As members of the army, we often think it would be very hard, or perhaps even impossible, for us to find time to earn additional income. As far as our professional prioritiesour army support should be in the very top. Just how can we ensure that we are setting our new property investing business up for massive success How do we make sure that it doesn't create more stress than pleasure.
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They key is to leverage our VA benefits, minimize our personal housing expenses, and find more information concentrate all our savings towards producing assets... a.k.a. rental properties.