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What if you just had two separate sources earning you $250 paychecks ($500 total) each month with no doing extra work. And those sources simply paid for your automobile expense.
Perhaps you have beaten this concept to departure at this point Good. Rich Dad Poor Dad tattooed this concept onto my brain. The concept is what Real Estate Investors call Cashflow.
Again, I understood 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 healthy amount of money 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 out of my new hobby, job, or even job as a portion of the equation.
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Both terms"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 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 awake while on your 24-hour duty at the barracks. .
An asset is something which puts money in your pocket each month. It's a lifestyle and prosperity multiplier.
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A liability is something which takes money away from you each month. It might be a temporary lifestyle enhancer, however a long-term way of life and prosperity killer.
Teach yourself to this point which you can find and buy American Real Estate which you rents at a higher price that all of its expenses and there's still a significant amount left over. The leftover cash is that stream of income or cash flow.  Finally, when we start looking at these income streams collectively, it becomes known as"residual income." .
Admittedly, setting up your own Real Estate Investing Business is NOT simple... however, with the proper education, Real Estate Investing does NOT need to be hard. But you have to learn and behave.
Now, if you all of the above makes sense, a funny thing will start happening. When you begin talking to people about finances you'll soon begin to understand there are two different kinds of people in this world: those that understand the difference between an asset and a liability, and those that will NEVER be wealthy. .
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Each click to investigate 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 each month but produced two million dollars a month, it's 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 that 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 charged you 50 percent interest on your dollar prior to generating you the two dollars it spit out. .
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Since passive income inherently means I do not need to spend the most expensive thing in life, time, in order to earn a certain amount of residual income.
Since some people who hear the word get disappointed when they recognize there is a lot of education and some significant set up needed on the front end of the 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 had been taught by a number of my military 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 additional income. So far as our professional prioritiesour military service should be in the very top. Just how can we ensure that we're setting our new property investing business up for massive success How do we make certain that it doesn't produce more stress than enjoyment.
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The trick is to leverage our VA benefits, minimize our personal housing expenses, and focus all our savings towards producing resources... a.k.a. rental properties.