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What if you just had two separate sources earning you $250 paychecks ($500 total) per month without you doing extra work. And these resources just paid for your automobile 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 call Cashflow.
Again, I understood that I DID NOT want to become rich 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 do WHATEVER I wanted after the military without having to consider the paycheck coming out of my new hobby, project, or even job as a portion of the equation.
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Both conditions"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 immediately begin having romantic visions of lounging on a yacht in the Caribbean Sea and occasionally checking our growing bank account. You immediately snap back into it, take a sip of your Monster Energy drink, and try to stay awake 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 that 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 purchase American Real Estate that you rents at a higher price that all its expenses and there is still a significant amount left . The residual money is that stream 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 simple... however, with the correct education, Real Estate next page Investing does NOT have to be hard. But you have to learn and behave.
Now, if you all of the above makes sense, a funny thing will begin happening. When you start talking to folks about finances you'll 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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Every one of those 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 each month but made two million dollars a month, it is an advantage.
Honestly, who cares how much You're spending on an asset every month when it earns you more than what you spend Now let us take it one step further... what should 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 this machine all day! In addition, you wouldn't care if more information that machine charged you 50% interest on your buck before generating one of the two dollars it spit out. .
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Since passive income inherently means 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 great deal of education and a few significant set up 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 had been taught by a number of my military and veteran mentors. .
As members of the army, we often believe it would be very hard, or maybe even impossible, for us to find time to earn extra income. So far as our professional priorities, our military support should be in the very top. So how can we ensure that we are setting our new property investing business up for enormous success How can we make sure it doesn't produce more stress than pleasure.
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They key is to leverage our VA benefits, minimize our personal housing expenses, and focus all of our savings towards producing assets... a.k.a. rental properties.