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Imagine if you had two separate sources both earning you $250 paychecks ($500 total) per month without you doing extra work. And those sources 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 what Real Estate Investors predict Cashflow.
Again, I understood that I DID NOT want to be wealthy when I was 65 if it cost me my life during my younger years... I would rather have a wholesome amount of cash coming in every month from several sources 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, project, or even occupation as a portion of this equation.
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Both terms"residual income" and"passive income" try to capture the same 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, 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 that puts money in your pocket every month. It is a lifestyle and wealth multiplier.
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A liability is something which takes money from you every month. It may be a temporary lifestyle enhancer, however a long-term way of life and wealth killer.
Teach yourself to this point that you can find and buy American Real Estate that you rents in a higher cost that all of its expenses and there is still a significant amount left . The residual cash is that stream of income or cash flow.  Finally, when we start looking at such income streams collectively, it becomes known as"residual income." .
Ironically, setting up your own Real Estate Investing Business is NOT easy... however, with the correct education, Real Estate Investing does imp source NOT need to be difficult. However, you must learn and act.
Now, if 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 realize there are two different kinds of people in this world: those that understand the difference between an asset and a liability, and the ones 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 though one of those ended up costing me a million dollars each month but made two million dollars each month, it's an asset.
Honestly, who cares how much you are 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 was that the earning
When there was a machine that spit out two dollar bills once you gave it a single dollar bill, you'd be glued to that machine all day! In addition, you wouldn't care whether that machine charged you 50% interest on your dollar before generating one of the two dollars it spit out. .
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Because 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 recognize there is a lot of education and a few significant set up needed 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 some of my army and veteran mentors. .
As members of the military, we often think it would be exceedingly 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. So how can we ensure that we are setting our new property investing business up for massive success How can we make certain it doesn't produce more stress than enjoyment.
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They key is to leverage our VA benefits, minimize our personal housing expenses, and concentrate all our savings click to read more towards producing see this resources... a.k.a. rental properties.