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Imagine if you had two individual sources both earning you $250 paychecks ($500 total) each month without you doing additional work. And these sources just paid for your car expense.
Have I beaten this concept to death at this point Great. 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 be wealthy 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 military without having to consider the paycheck coming out of my new hobby, project, or even job as part 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 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 is a lifestyle and wealth multiplier.
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A liability is something that takes money from you every month. It may be a temporary lifestyle enhancer, but a long-term lifestyle and prosperity killer.
Teach yourself to this point which you can find and buy American Real Estate that you rents in a higher price that all of 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 start looking at these 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 correct education, Real Estate Investing does NOT have to be difficult. However, you have to learn and act.
Now, in case you all of the above makes sense, a funny thing will start happening. When you start talking to folks about finances you will soon begin to understand that there are two different kinds of people in the 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 these entities are money making systems. official website They produce income while costing quite minimal personal work or time. Even if one of these ended up costing me a million dollars a month but produced two million dollars each month, it's an advantage.
Honestly, who cares how much You're spending on an asset every month when it earns you more than what you spend Now let us take it one step further... what if the spending was automatic and so was the earning
If there was a machine that spit out two dollar bills after you gave it a single dollar bill, you would be glued to that machine all day! Moreover, you wouldn't care whether that machine billed you 50% interest on your dollar prior to generating one of the two bucks it spit out. .
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Since 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.
Because some people that hear the word get disappointed when they recognize there is a great deal of education and a few significant setup required 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 a number of my military and veteran mentors. .
As members of the army, we often think it would be exceedingly difficult, or maybe even impossible, for us to find time to earn extra income. As far as our professional prioritiesour military service should be in the very top. Just how can we ensure that we're setting our new real estate investing business up for enormous success How do we make certain 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 concentrate all of our savings towards producing resources... a.k.a. rental properties.