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What if you had two individual sources earning you $250 paychecks ($500 total) each month with no doing extra work. And these resources simply paid for your automobile expense.
Have I beaten this concept to departure 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 when it cost me my life during my younger years... I would rather have a wholesome amount of money coming in each month from various sources 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 job as part of the equation.
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Both terms"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, take a sip of your Monster Energy drink, and try to remain alert while on your own 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 which 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 that you can find and purchase American Real Estate that you rents in a higher cost that all of its expenses and there's still a significant amount left . The leftover money is that stream of income or cash flow.  Finally, when we start looking at such income streams collectively, it will become known as"residual income." .
Ironically, setting up your own Real Estate Investing Business is NOT easy... however, with the correct education, Real Estate Investing does NOT have to be hard. However, you have to learn and act.
Now, in case 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 understand there are two different kinds of people in this 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 these entities are money making systems. They produce 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 each month, it is an advantage.
Honestly, who cares how much You're spending on an asset every month when it earns you more than what you spend Now let us take it one step further... what if the spending was automatic and so was that the earning
If there was a machine that spit out two dollar bills after you gave resource it a single dollar bill, you would be glued to this machine daily! Moreover, you wouldn't care if this machine billed you 50 percent interest on your dollar before generating one of the two bucks it spit out. .
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Since 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.
Since some people that hear the term get disappointed when they realize there is a lot of education and some significant set up required on the front end of their 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 had been taught by a number of my military and veteran mentors. .
As members of the military, we often believe it would be very hard, or perhaps even impossible, for us to find time to earn additional income. So far as our professional priorities, our military service should be at the very top. So how can we ensure that we're setting our new property 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 concentrate all of our savings towards producing resources... a.k.a. rental properties.