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Imagine if you had two individual sources both 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 departure 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 life during my younger years... I'd rather have a wholesome amount of money coming in each month from several resources and retire early. Or do WHATEVER I wanted after the military without having to consider the paycheck coming from 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 automatically." For the sake of brevity, I will only be using both terms interchangeably.
After hearing the words"passive income,", many of us instantly begin having romantic visions of lounging on a yacht in the Caribbean Sea and occasionally checking our growing bank account. You immediately snap back into it, take a sip of your Monster Energy drink, and try to stay awake while on your own 24-hour responsibility in 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 from you each month. It might be a temporary lifestyle enhancer, but a long-term way of life and wealth killer.
Educate yourself to the point which you can find and purchase American Real Estate that you rents in a higher price that all of its expenses and there is still a significant amount left . The residual cash is that stream of income or see here cash flow.  Finally, when we start looking at such income streams collectively, it will become 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 have to be hard. But 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 people about finances you will 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 these entities are money making systems. They create income while costing quite minimal personal effort or time. Even if one of these ended up costing me a million dollars a month but made two million dollars each month, it is an advantage.
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 should the spending was automatic and so was that the earning
If there was a machine that spit out two dollar bills once you gave it a single dollar bill, you would be glued to this machine daily! In addition, you wouldn't care whether this check this machine charged you 50% interest on your buck prior to generating you the two dollars 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 who hear the term get disappointed when they realize there's 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 quick scheme, but it's a hell of a lot better than what I had been taught by some of my military and veteran mentors. .
As members of the army, we often think it would be very difficult, or maybe even impossible, for us to find time to earn extra income. So far as our professional prioritiesour military service must be at the very top. Just how can we ensure that we are setting our new property investing business up for enormous success How do we make sure that it doesn't create more stress than enjoyment.
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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.