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Imagine if you had two separate sources both 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 Good. 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 rich when I was 65 when it cost me my lifestyle during my younger years... I would rather have a wholesome amount of money coming in each month from various resources and retire early. Or at least do WHATEVER I wanted after the military without having to consider the paycheck coming from my new hobby, job, or even occupation as part of this 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 begin 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, have 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 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 way of life and prosperity killer.
Educate yourself to the point which you can find and purchase American Real Estate which you rents in a higher price that all its expenses and there is still a significant read this amount left over. The residual money is that flow of income or cash flow.  Finally, when we start looking at such 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 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 realize there are two different kinds of people in this world: those who understand the difference between an asset and a liability, and those that will NEVER be wealthy. .
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Every one of those entities are money making systems. They create income while costing quite minimal personal effort or time. Even if one of those ended up costing me a million dollars a month but produced two million dollars each 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 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! Moreover, you wouldn't care whether that machine billed you 50 percent interest on your buck before generating one of the two bucks 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 that hear the word get disappointed when they recognize there is a lot of education and some significant setup needed on the front end of useful link their 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 was taught by a number of my army and veteran mentors. .
As members of the army, we often think it would be very hard, or maybe even impossible, for us to find time to earn extra income. As far as our professional prioritiesour army service should be at the very top. Just how can we ensure that we're setting our new real estate investing business up for enormous success How do we make sure that it doesn't create more anxiety than pleasure.
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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.