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Imagine if you had two individual sources earning you $250 paychecks ($500 total) each month with no doing additional work. And these sources simply paid for your automobile expense.
Perhaps you have beaten this concept to death at this point Great. 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 be rich when I was 65 when it cost me my lifestyle during my younger years... I'd rather have a wholesome amount of money coming in every month from several sources and retire early. Or at least do WHATEVER I wanted after the army 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 mechanically." For the sake of brevity, I will only be using both terms interchangeably.
After hearing the words"passive income,", many of us immediately 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, take a sip of your Monster Energy drink, and try to stay awake while on your own 24-hour duty 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 which takes money away from you each month. It may be a temporary lifestyle enhancer, but a long-term lifestyle and prosperity killer.
Teach yourself to this point that you can find and purchase American Real Estate that you rents in a higher cost that all its expenses and there's still a significant amount left . The leftover money 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 easy... however, with the proper education, Real Estate Investing does NOT need to be hard. But you have to learn and act.
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 the 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 produce income while costing quite minimal personal effort 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 advantage every month if 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
When there was a machine that spit out two dollar bills once you gave it a single dollar bill, you would be glued to that machine all day! In addition, my company you wouldn't care if that machine billed you 50 percent interest on your buck before generating you the two bucks it spit out. .
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Because 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 word get disappointed when they realize there's a lot of education and some significant setup needed on the front end of 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 some of my army and veteran mentors. .
As members of the military, we often believe read review it would be exceedingly hard, or maybe even impossible, for us to find time to earn additional income. So far as our professional priorities, our military support should be in the very top. Just how can we ensure that we're setting our new real estate investing business up for massive success How can we make certain it doesn't produce more stress than pleasure.
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The trick is to leverage our VA benefits, minimize our personal housing expenses, and concentrate all of our savings towards producing assets... a.k.a. rental properties.