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Imagine if you had two individual sources earning you $250 paychecks ($500 total) per month with no doing additional work. And those resources simply paid for your automobile expense.
Perhaps you have beaten this concept to death at this point Great. Rich Dad Poor Dad tattooed this concept onto my brain. The concept is exactly what Real Estate Investors call Cashflow.
Again, I understood that I DID NOT want to become rich when I was 65 when it cost me my life during my younger years... I would rather have a healthy amount of cash coming in each month from several sources and retire early. Or at least do WHATEVER I wanted after the army without having to consider the paycheck coming out of my new hobby, project, or even job as part of this 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 begin having romantic visions of lounging on a yacht in the Caribbean Sea and occasionally checking our growing bank account. You quickly snap into it, have a sip of your Monster Energy drink, and try to remain alert while on your 24-hour responsibility 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 that takes money from you every month. It may be a temporary lifestyle enhancer, however a long-term lifestyle and wealth killer.
Teach yourself to the point which you can find and buy American Real Estate which you rents in a higher price that all of its expenses and there's still a significant amount left . The leftover cash is that flow of income or cash flow.  Finally, when we begin looking at these income flows collectively, it will become 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 hard. 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 people about finances you will soon begin to understand there are two different kinds of people in the world: those who 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 effort or time. Even though one of those ended up costing me a million dollars a month but made two million dollars a month, it is an advantage.
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
If there was a machine that spit out two dollar bills after you gave it a single dollar bill, you'd be glued to this machine daily! Moreover, you wouldn't care if that machine billed you 50% interest on your buck prior to generating one of the two dollars it spit out. .
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Because 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 who 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 click for more info a lot better than what I had been taught by a number of my army and veteran mentors. .
As members of the army, we often think it would be exceedingly hard, or maybe even impossible, for us to find time to earn additional income. So far as our professional priorities, our army support must be at the very top. Just how can we ensure that we are 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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The trick is to leverage our VA benefits, minimize our personal housing expenses, and focus all of our savings towards producing resources... a.k.a. rental properties.