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What if you had two separate sources earning you $250 paychecks ($500 total) per month without you doing additional work. And those sources simply paid for your car expense.
Perhaps you have beaten this concept to departure 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 if 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 army without having to consider the paycheck coming from my new hobby, job, or even job as part of the equation.
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Both conditions"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 immediately 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 alert while on your 24-hour duty at the barracks. .
An asset is something which puts money in your pocket each month. It is a lifestyle and wealth multiplier.
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A liability is something which takes money from you each month. It may be a temporary lifestyle enhancer, however a long-term lifestyle and wealth killer.
Educate 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 is still a significant amount left over. The residual cash is that flow of income or cash flow.  Finally, when we begin 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 hard. But you have to learn and act.
Now, in case you all of the above makes sense, a funny thing will begin happening. When you begin talking to folks about finances you'll soon begin to understand 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 quite minimal personal work or time. Even though one of these ended up costing me a million dollars each month but made two million dollars a month, it is an asset.
Honestly, who cares how much you are spending on an asset every month if 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 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! Moreover, you wouldn't care whether that machine charged you 50% interest on your buck official site prior to generating one of the two bucks it spit out. .
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Since passive income inherently means that I do not need 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 great deal of education and a few significant setup needed on the front end of the 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 military and veteran mentors. .
As members of the military, we often believe it would be exceedingly hard, or perhaps even impossible, for us to find time to earn extra income. As far as our professional prioritiesour army support should be in the very top. So how can we ensure that we're setting our new real estate investing business up for enormous success How can we make certain 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 focus all of our savings towards producing assets... a.k.a. rental properties.