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Imagine if you had two separate sources earning you $250 paychecks ($500 total) per month without you doing extra work. And those sources just paid for your automobile expense.
Perhaps you have beaten this concept to departure at this point Great. 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 wealthy when I was 65 if it cost me my lifestyle during my younger years... I would rather have a healthy amount of cash coming in every month from various sources and retire early. Or do WHATEVER I wanted after the army without having to consider the paycheck coming from my new hobby, job, or even occupation as a portion of this 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 immediately snap back into it, take a sip of your Monster Energy drink, and try to stay awake while on your own 24-hour duty in the barracks. .
An asset is something which 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 away from you each month. It might be a temporary lifestyle enhancer, however a long-term way of life and wealth killer.
Teach yourself to this point that you can find and purchase American Real Estate that you rents in a higher price that all of its expenses and there is still a significant amount left . The residual money is that stream of income or cash flow.  Finally, when we begin looking at such income streams collectively, it will become known as"residual income" .
Ironically, setting up your own Real Estate Investing Business is NOT simple... however, with the correct education, Real Estate Investing does NOT need to be hard. However, you must learn and act.
Now, if you all of the above makes sense, a funny thing will start happening. When you start talking to people about finances you will soon begin to understand that 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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Every one of those entities are money making systems. They produce income while costing very minimal personal effort or time. Even if one of these ended up costing me a million dollars a month but produced two million dollars each month, it is an asset.
Honestly, who cares how much You're spending on an advantage every month when it earns you more than what you Extra resources spend Now let's take it one step further... what if the spending was automatic and was that 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 this machine all day! Moreover, you wouldn't care whether this machine charged you 50% interest on your dollar 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.
Since some people that hear the term get disappointed when they realize there's 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 fast scheme, but it is a hell of a lot better than what I was taught by some of my military and veteran mentors. .
As members of the military, we often believe it would be exceedingly hard, or perhaps even impossible, for us to find time to earn additional income. So far as our professional priorities, our military support should be at the very top. So how can we ensure that we're setting our new property investing business up for massive success How can we make sure it doesn't create more stress than pleasure.
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They key Click Here is to leverage our VA benefits, minimize our personal housing expenses, and focus all our savings towards producing assets... a.k.a. rental properties.