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What if you had two separate sources both earning you $250 paychecks ($500 total) each month with no doing additional work. And those sources simply paid for your automobile 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 what Real Estate Investors predict Cashflow.
Again, I understood that I DID NOT want to be rich when I was 65 when it cost me my life during my younger years... I would rather have a wholesome amount of money coming in every month from various 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 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 alert while on your 24-hour responsibility in the barracks. .
An asset is something that 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 buy American Real Estate which you rents in a higher cost that all its expenses and there is still a significant amount left . The residual cash is that stream of income or cash flow.  Finally, when we begin 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 have to be difficult. But you must learn and behave.
Now, in case you all of the above makes sense, a funny thing will start happening. When you begin talking to folks about finances you will soon begin to understand that my latest blog post 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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Each of these entities are money making systems. They produce income while costing very minimal personal work or time. Even though one of these ended up costing me a million dollars a month but produced two million dollars each month, it is an asset.
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 so was the earning
When there was a machine that spit out two dollar bills once you gave it a dig this single dollar bill, you would be glued to this machine daily! Moreover, you wouldn't care if this machine billed you 50% interest on your dollar prior to generating you the read review two bucks it spit out. .
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Since 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 that hear the word get disappointed when they realize there's a great deal of education and some 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 is a hell of a lot better than what I was taught by a number of my army and veteran mentors. .
As members of the military, we often think it would be very difficult, or perhaps even impossible, for us to find time to earn extra income. So far as our professional priorities, our military service must be at the very top. Just how can we ensure that we are setting our new real estate investing business up for enormous success How can we make certain 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 concentrate all our savings towards producing assets... a.k.a. rental properties.