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What if you had two individual sources earning you $250 paychecks ($500 total) per month with no doing extra work. And these sources just paid for your car expense.
Have I 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 wealthy when I was 65 if it cost me my life during my younger years... I'd rather have a wholesome amount of cash coming in each 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, job, or even job as a portion of the equation.
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Both conditions"residual income" and"passive income" try 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 immediately snap into it, take 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's a lifestyle and prosperity multiplier.
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A liability is something that takes money away from you every month. It may be a temporary lifestyle enhancer, but a long-term lifestyle and wealth killer.
Educate yourself to the point which you can find and buy American Real Estate which you rents at a higher cost that all see this page its expenses and there's still a significant amount left over. The leftover money is that stream of income or cash flow.  Finally, when we start looking at such income flows collectively, it will become 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 need to be difficult. But you must learn and behave.
Now, if you all of the above makes sense, a funny thing will start happening. When you begin talking to folks about finances you'll soon begin to realize there are two different kinds of people in this world: those who understand the difference between an asset and a liability, and the ones 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 each month but produced two million dollars each month, it is an asset.
Honestly, who cares how much You're spending on an asset every month he has a good point if it earns you more than what you spend Now let's take it one step further... what should the spending was automatic and was the earning
If there was a machine that spit out two dollar bills once you gave it a single dollar bill, you'd be glued to this machine daily! In addition, you wouldn't care whether that machine charged 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 have to spend the most expensive thing in life, time, in order to earn a certain amount of residual income.
Since some people who hear the word get disappointed when they realize there is a great deal of education and a few significant setup 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 had been taught by some of my military and veteran mentors. .
As members of the military, we often believe it would be very hard, or sites perhaps even impossible, for us to find time to earn additional income. As far as our professional priorities, our military service must be at the very top. Just how can we ensure that we're setting our new property investing business up for enormous success How do we make sure 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 focus all our savings towards producing resources... a.k.a. rental properties.