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Imagine if you just had two separate sources earning you $250 paychecks ($500 total) each month with no doing extra work. And these sources simply paid for your automobile expense.
Have I beaten this concept to death 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 be wealthy when I was 65 if it cost me my lifestyle during my younger years... I would rather have a wholesome amount of cash coming in each month from various sources and retire early. Or do WHATEVER I wanted after the military without having to consider the paycheck coming out of my new hobby, job, 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 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 is a lifestyle and wealth multiplier.
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A liability is something that takes money from you every 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 cost that all its expenses and there is still a significant amount left . The residual money is that stream of income or cash flow.  Finally, when we begin looking at these income flows collectively, it becomes known as"residual income." .
Ironically, setting up your own Real Estate Investing Business is NOT easy... however, with the proper education, Real Estate Investing does NOT need to be difficult. But you have to learn and act.
Now, in case you all of the above makes sense, a funny thing will begin 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 those that will NEVER be wealthy. .
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Every one of these entities are money making systems. They produce income while costing very minimal personal work or time. Even if one of those ended up costing me a million dollars each month but made two million dollars each month, it's an asset.
Honestly, who cares how much you are spending on an asset every month if 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 after you gave it a single dollar bill, you would be glued to that machine daily! In addition, you wouldn't care if that machine billed you 50 percent interest on your dollar prior to generating one of the two dollars 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.
Since some people that hear the word get disappointed when they recognize there is a lot of education and a few significant set up needed on the front end of their journey to financial freedom (our"Why"). Again, this isn't a get rich fast scheme, but it's a hell of a lot better than what I was taught by a number of my military and veteran mentors. .
As members of the army, we often believe it would be very difficult, my sources or maybe even impossible, for us to find time to earn additional income. As far as our professional prioritiesour military support should be in the very top. Home Page So 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 anxiety than pleasure.
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They key is to leverage our VA benefits, minimize our personal housing expenses, and concentrate all our savings towards producing resources... a.k.a. rental properties.