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Imagine if you had two separate sources earning you $250 paychecks ($500 total) per month with no 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 when it cost me my life during my younger years... I would rather have a wholesome 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 from my new hobby, project, or even occupation as a portion of this equation.
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Both terms"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 instantly begin 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, have 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 which puts money in your pocket every month. It's a lifestyle and wealth multiplier.
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A liability is something that takes money from you each month. It may be a temporary lifestyle enhancer, however a long-term way of life and wealth killer.
Educate yourself to this point which you can find and buy American Real Estate that you rents at a higher cost that all of its expenses and there is still a significant amount left over. The residual money is that flow of income or cash flow.  Finally, when we begin looking at such income streams collectively, it will become 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 have to be difficult. But you must learn and behave.
Now, if you all of the above makes sense, a funny thing will begin 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 the ones 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 work or time. Even though one of these ended up costing me a million dollars each month but produced two million dollars a month, it is an asset.
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 was that the earning
If there was a machine that spit out two dollar bills once you gave it a single dollar bill, you'd be glued to that weblink machine daily! Moreover, you wouldn't care whether this machine billed you 50% interest on your dollar prior to generating you the two dollars it spit out. .
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Since passive income inherently means that 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 that hear the term get disappointed when they realize there's a lot of education and some significant set up required 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 useful source I had been taught by a number of my army and veteran mentors. .
As members of the military, we often think it would be very difficult, or maybe even impossible, for us to find time to earn extra income. As far as our professional prioritiesour military service should be at the very top. So how can we ensure that we are setting our new property investing business up for enormous success How can we make sure it doesn't create more anxiety than enjoyment.
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The trick 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.