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What if you just had two separate sources earning you $250 paychecks ($500 total) per month with no doing additional work. And those resources just paid for your automobile expense.
Perhaps you have beaten this concept to departure 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 if it cost me my life during my younger years... I'd rather have a wholesome amount of cash coming in each month from various resources and retire early. Or do WHATEVER I wanted after the military without having to consider the paycheck coming from my new hobby, project, or even job as a portion of the equation.
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Both conditions"residual income" and"passive income" attempt 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 begin having romantic visions of lounging on a yacht in the Caribbean Sea and occasionally checking our growing bank account. You immediately snap into it, have a sip of your Monster Energy drink, and try to stay awake while on your 24-hour duty in the barracks. .
An asset is something that puts money in your pocket every month. It's a lifestyle and prosperity multiplier.
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A liability is something which takes money from you every month. It may be a temporary lifestyle enhancer, but a long-term lifestyle and wealth killer.
Teach yourself to this point that 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 . The residual 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" .
Ironically, setting up your own Real Estate Investing Business is NOT simple... however, with the correct education, Real Estate Investing does NOT have 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 this 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 if one of those ended up costing me a million dollars a month but produced two million dollars each month, it is an advantage.
Honestly, who cares how much you are spending on an asset every month when it earns you more than what you Discover More Here 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 after you gave it a single dollar bill, you'd be glued to that machine daily! Moreover, you wouldn't care whether that machine billed you 50 percent interest on your buck prior to generating you 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 recognize there's 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 quick scheme, but it is her response a hell of a lot better than what I was taught by a number of my army and veteran mentors. .
As members of the army, we often believe it would be exceedingly difficult, or maybe even impossible, for us to find time to earn additional income. So far as our professional priorities, our military service must be in the very top. So how can we ensure that we're setting our new property investing business up for massive success How do we make sure that it doesn't produce more stress than pleasure.
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They key is to leverage our VA benefits, minimize our personal housing expenses, and focus all our savings towards producing assets... a.k.a. rental properties.