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What if you had two separate sources earning you $250 paychecks ($500 total) each month without you doing extra work. And those sources just paid for your car expense.
Have I 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 realized that I DID NOT want to become wealthy when I was 65 when it cost me my lifestyle during my younger years... I'd rather have a healthy amount of money coming in every month from various sources and retire early. Or 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" 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 instantly start having romantic visions of lounging on a yacht in the Caribbean Sea and occasionally checking our growing bank account. You immediately snap into it, have 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 that 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 every month. It may be a temporary lifestyle enhancer, however a long-term lifestyle and wealth killer.
Teach yourself to the point which you can find and purchase American Real Estate which you rents at a higher cost that all of its expenses and there's still a significant amount left . The leftover cash 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 simple... however, with the correct education, Real Estate Investing does NOT need to be difficult. But you have to learn and behave.
Now, in case you all of the above makes sense, a funny thing will start happening. When you start talking to folks 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 very minimal personal work 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 if the spending was automatic and was the earning
If there was a machine that spit out two dollar bills after you gave it a single dollar bill, you'd be glued to this machine daily! Moreover, you wouldn't care if that machine billed you 50 percent interest on your buck prior to generating one of the two bucks it spit out. .
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Since 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 term get disappointed when they recognize there's a great deal of education and some significant setup required on Read More Here 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 some of my army and veteran mentors. .
As members of the military, we often think 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 service must be in the very top. So how can we ensure that we are setting our new real estate investing business up for enormous success How do we make certain it doesn't create more anxiety than pleasure.
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The trick is to leverage our VA benefits, minimize our personal housing expenses, and focus all of our savings towards producing resources... a.k.a. rental properties.