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Imagine if you had two individual sources both earning you $250 paychecks ($500 total) each month without you doing additional work. And these resources simply paid for your car 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 what Real Estate Investors predict Cashflow.
Again, I realized 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 each month from various resources and retire early. Or do WHATEVER I wanted after the military without having to consider the paycheck coming out of my new hobby, project, or even occupation as part of this 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 quickly snap into it, take a sip of your Monster Energy drink, and try to stay alert while on your own 24-hour duty at the barracks. .
An asset is something that puts money in your pocket each month. It is a lifestyle and prosperity multiplier.
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A liability is something which takes money from you every month. It might be a temporary lifestyle enhancer, however a long-term lifestyle and wealth killer.
Teach yourself to the point that you can find and buy American Real Estate that you rents in a higher cost that all of its expenses and there is still a significant amount left over. The residual money is that stream of income or cash flow.  Finally, when we start looking at such income streams collectively, it becomes known as"residual income" .
Admittedly, 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 behave.
Now, if you all of the above makes sense, a funny thing will start happening. When you begin talking to folks about finances you will soon begin to realize that 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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Each of those entities are money making systems. They create income while costing very minimal personal work 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 if 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'd be glued to this machine all day! In addition, you wouldn't care if this machine billed you 50% interest on your buck before generating you the two bucks 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 term get disappointed when they recognize there is a lot of education and a few significant set up needed on the front end of the 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 a number of my military 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. As far as our professional prioritiesour army service should be at the very top. So how can we ensure that we're setting our new real estate investing business up for massive success How can we make certain that it doesn't produce more pop over to this site stress than enjoyment.
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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.