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What if you just had two individual sources earning you $250 paychecks ($500 total) per month with no doing extra work. And these sources just paid for your automobile expense.
Perhaps you have 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 understood that I DID NOT want to become rich when I was 65 if it cost me my life during my younger years... I would rather have a healthy amount of cash coming in every month from various resources and retire early. Or at least do WHATEVER I wanted after the army without having to consider the paycheck coming from my new hobby, job, or even occupation as a portion of this equation.
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Both conditions"residual income" and"passive income" try to capture the same 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 quickly snap back into it, have a sip of your Monster Energy drink, and try to stay alert while on your 24-hour responsibility at the barracks. .
An asset is something which puts money in your pocket every month. It is a lifestyle and prosperity multiplier.
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A liability is something that takes money from you each month. It may be a temporary lifestyle enhancer, but a long-term lifestyle and wealth killer.
Teach yourself to this point which you can find and purchase American Real Estate which you rents at a higher price that all its expenses and there is still a significant amount left . The leftover 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" .
Admittedly, setting up your own Real Estate Investing Business is NOT easy... however, with the correct education, Real Estate Investing does NOT need to be hard. But you must learn and act.
Now, if 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 understand 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. They produce income while costing quite minimal you can try this out personal effort or time. Even though one of those 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're 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 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 all day! In addition, you wouldn't care whether this machine charged you 50 percent interest on your buck prior see here now to generating one of the two dollars it spit out. .
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Since 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 term get disappointed when they recognize there is a lot of education and some significant set up 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 a hell of a lot better than what I had been taught by some of my army and veteran mentors. .
As members of the army, we often believe it would be very difficult, or maybe even impossible, for us to find time to earn extra visit this page income. As far as our professional prioritiesour military service should be at the very top. Just how can we ensure that we are setting our new real estate investing business up for enormous 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 of our savings towards producing assets... a.k.a. rental properties.