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Imagine if you had two separate sources both earning you $250 paychecks ($500 total) per month with no doing extra work. And these sources simply paid for your car expense.
Have I beaten this concept to departure at this point Great. 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 when it cost me my lifestyle during my younger years... I'd 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 military without having to consider the paycheck coming out of my new hobby, job, or even occupation as a portion of the equation.
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Both conditions"residual income" and"passive income" try to capture the same 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, have a sip of your Monster Energy drink, and try to stay awake while on your own 24-hour responsibility in the barracks. .
An asset is something that puts money in your pocket each month. It is a lifestyle and wealth multiplier.
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A liability is something which takes money away from you every month. It might be a temporary lifestyle enhancer, but a long-term lifestyle and prosperity killer.
Educate yourself to this point which 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 over. The leftover money is that stream of income or cash flow.  Finally, when we start looking at such income flows collectively, it will become known as"residual income" .
Admittedly, setting up your own Real Estate Investing Business is NOT simple... however, with the correct education, Real Estate Investing does NOT this need to be hard. However, you must learn and behave.
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'll soon begin to realize 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 of those entities are money making systems. They produce income while costing quite minimal personal work or time. Even though one of these ended up costing me a million dollars a month but produced two million dollars each month, it's an advantage.
Honestly, who cares how much you are spending on an asset every month if it earns you more than what you spend Now let's take it one step further... what if the spending was automatic and so was the earning
When there was a machine that spit out two dollar bills once 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 before generating you 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 setup required on the front end of the journey to financial freedom (our"Why"). Again, this isn't a get rich quick scheme, but it's a hell of a lot better than what I was check out here taught by a number of my army and veteran mentors. check these guys out .
As members of the military, we often think it would be very difficult, or perhaps even impossible, for us to find time to earn extra income. So far as our professional prioritiesour army support must be at the very top. Just how can we ensure that we're setting our new real estate investing business up for enormous success How can we make sure it doesn't produce more anxiety 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 resources... a.k.a. rental properties.