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Imagine if you had two individual sources earning you $250 paychecks ($500 total) per month without you doing extra work. And those sources just 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 what Real Estate Investors call Cashflow.
Again, I understood that I DID NOT want to be rich when I was 65 when it cost me my life during my younger years... I would rather have a healthy amount of money coming in each month from various resources 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 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 start having romantic visions of lounging on a yacht in the Caribbean Sea and occasionally checking our growing bank account. You quickly snap into it, take a sip of your Monster Energy drink, and try to stay alert while on your own 24-hour responsibility in the barracks. .
An asset is something which puts money in your pocket every month. It's a lifestyle and prosperity multiplier.
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A liability is something that takes money away from you each month. It might be a temporary lifestyle enhancer, however a long-term lifestyle and prosperity killer.
Educate yourself to this point that you can find and purchase American Real Estate which you rents at a higher price that all its expenses and there's still a significant amount left over. The residual money is that stream of income or cash flow.  Finally, when we begin looking at such income streams collectively, it will become 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 NOT need to be difficult. However, you have to learn and act.
Now, in case you all of the above makes sense, a funny thing will begin happening. When you start talking to folks about finances you will soon begin to understand that 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 those entities are money making systems. They create income while costing very minimal personal work or time. Even though one of these ended up costing me a million dollars each month but produced 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 us take it one step further... what should the spending was automatic and so 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 this machine daily! Moreover, you wouldn't care if this machine charged you 50% interest on your dollar prior to generating one of the two bucks it spit out. .
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Because 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.
Because some people that hear the word get disappointed when they his explanation realize there is a great deal 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 is a hell of a lot better than what I had been taught by some of my army and veteran mentors. .
As members of the military, we often think it would be very difficult, or perhaps even impossible, for navigate here us to find time to earn additional income. As far as our professional prioritiesour army support should be in 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 certain it doesn't produce more anxiety than enjoyment.
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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 resources... a.k.a. rental properties.